Just four years ago, Shell announced that it wanted to become one of the world’s largest electricity suppliers.
(Image: Bloomberg)
Dusseldorf, Frankfurt Just four years after buying Bavarian battery manufacturer Sonnen, British oil and gas company Shell wants to put the company up for sale again. Handelsblatt learned this fact from financial circles.
The deal could be worthwhile for Shell, several people familiar with the deal said: The storage company from the Allgäu region could be valued at between 1.35 and 1.8 billion euros, three to four times the projected 2023 sales of 450 million euros. Shell paid about 500 million euros in 2019. Interested parties should be able to submit bids to buy 51 percent or the entire company. Shell declined to comment.
Just a few days ago, the oil company sold its entire retail electricity customer business in Germany and Great Britain to British rival Octopus Energy. In addition, the oil company has canceled several projects in the areas of wind energy and biofuels in recent months.
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