Shell has put Sonnen up for sale, according to Handelsblatt. The German news outlet now values Sonnen – which Shell acquired for for €500 million ($536.8 million) four year ago – at €1.35 billion to €1.8 billion. The oil giant reportedly wants to sell off all of the German energy storage company, or at least 51% of it.

Sonnen, one of the world's largest providers of PV home storage, has experienced continuous growth in recent years. It holds a strong position in Germany, other European markets, and the United States.

The company also recently doubled its production capacity in Wildpoldsried, Germany. However, it declined to comment on the Handelsblatt report.

“In principle, Sonnen is continuing its global growth course in the rapidly expanding storage market,” said a company spokesperson.

Shell has also declined to comment on the matter.

Shell acquired charging infrastructure specialist Ubitricity and Next Kraftwerke in 2021., but now it seems to want to withdraw from the residential storage business. It recently sold its retail electricity and gas business in Germany and Great Britain to Octopus Energy.