International law firm Pinsent Masons has advised Sonnenbatterie parent company, Prosol Invest Beteiligungs GmBH on its EUR7.5 million capital raising.
As part of the deal, Chrysalix SET, Munich Venture Partners and eCAPITAL, have invested into electricity storage company Sonnenbatterie with proceeds used to fund expansion of the business. The deal also included follow-on financing from investor eCAPITAL.
Sonnenbatterie, which operates across Germany, Italy, Luxembourg and Slovakia, is pursuing expansion in the US where it is actively recruiting partner businesses to establish overseas bases for the company.
The market for electricity storage has grown dramatically in recent years and is projected to continue. In this environment, Sonnenbatterie GmbH has doubled sales since 2012 every year, and plans to continue this trend in the future.
The Pinsent Masons team was led by corporate partner, Tobias Rodehau, corporate associate, Olivia Irrgang and HR and employment associate Kathrin Brügger.
Sonnenbatterie is the German market leader for lithium storage systems with corporate and manufacturing headquarters in Wildpoldsried, Germany. The company has sold close to 4,000 units of its intelligent energy storage system to home owners, farmers and businesses since entering the market in 2011. Coupled with a solar energy system, the Sonnenbatterie can meet various electricity demands of residential owners.