FRANKFURT, Feb 15 (Reuters) - Royal Dutch Shell hasagreed to buy German residential solar battery maker sonnen, asthe oil and gas major expands its electricity business in itsbid for a bigger role in the global transition to low-carbonenergy.
Sonnen, which has 40,000 battery systems worldwide and in2017 had sales of 65 million euros ($73 million), is the Germanmarket leader in home storage batteries and has expanded intoelectric vehicle charging systems.
Regulatory approval and completion of the transaction,involving Shell New Energies, was expected in the first quarterof 2019, a sonnen spokesman said, without giving a value.
Sonnen would continue to operate from the Bavarian town ofWildpoldsried and its top management would stay on, he said.
Germany has 1.5 million solar systems whose subsidised salestariffs are due to be phased out in coming years. By acquiringbatteries, householders can store home-produced power and use itfor themselves or sell it to the grid.
Shell, the world's second largest listed oil and gasproducer, has accelerated investment in renewable energy andpower markets, betting on a rapid rise in electricity demand dueto electric vehicle use and a switch to cleaner energy sources.
It has acquired vehicle charging technologies, solar powerproducers and retail energy supplier First Utility. Shellinjected cash into sonnen last year to help it grow.
Sonnen's existing investors, including GE Venturesand European private equity investors, will be bought out.
($1 = 0.8870 euros)(Reporting by Vera EckertAdditional reporting by Ron BoussoEditing by Edmund Blair)
