German battery storage manufacturer Sonnen GmbH has filed for insolvency, just two months after being acquired from energy group Shell by investor Tiven. The company, which was among the pioneers of home battery storage and its aggregation into virtual power plants, had been grappling with a sharp decline in revenue, heavy losses and growing competition from Asian manufacturers. Czech utility ČEZ was among its first investors. However, it sold its stake back in 2019, when Sonnen was acquired by Shell.
From home battery manufacturer to virtual power plant
Sonnen was founded in 2010 in Wildpoldsried, Bavaria. Its founders were Christoph Ostermann and Torsten Stiefenhofer. Initially, it focused primarily on developing and manufacturing…