41185
Total in $1.1b Push for Clean Energy
Energy

Total in $1.1b Push for Clean Energy

Total SA agreed to buy French battery maker Saft Groupe SA in a €950 million ($1.1 billion) deal, ratcheting up investments in clean energy by one of the world’s largest oil companies.

Saft will become Total’s “spearhead in electricity storage”, Patrick Pouyanne, chief executive officer of the Courbevoie, France-based oil producer, said on Monday.

The purchase allows Total to speed up its expansion in renewables, which began in 2011 with its purchase of solar-panel maker SunPower Corp. The market for energy storage is growing as companies and governments seek to integrate intermittent generation from solar and wind farms into the grid and provide a more stable source of supply.

Total, which has pledged to invest $500 million a year in renewables, is among European oil and gas majors plowing funds into the industry as countries seek to meet growing energy demand with cleaner electricity and fuels.

Saft designs and makes nickel and lithium batteries for industries, including transportation and civil and military electronics.

 

Short URL : http://goo.gl/SUTuuq
  1. http://goo.gl/RY9CZm
  • http://goo.gl/a08uI4
  • http://goo.gl/qlODHP
  • http://goo.gl/C5D0Ya
  • http://goo.gl/72I7Iv

You can also read ...

More Iranian Oil Tankers Head to China
An unprecedented volume of Iranian crude oil is set to arrive...
US Intimidates Iraq to Kill Siemens Deal in Favor of GE
The Trump administration intervened to quash a $15 billion...
Asia Natural Gas Prices Rising
Asia's liquefied natural gas prices are set to go up on the...
Turkey Refiner Seeking Waiver for Iran Sanctions
Turkey’s top refiner, Tupras, is in talks with US officials to...
Iran Awaits CNPC Decision on South Pars
Terminating its contract to develop Iran's giant South Pars...
Iran: Contract Signed to Boost Oil Output in Sirri Region
Crude oil production in Sivand, Esfand and Dena offshore...

Trending

Googleplus