|9 May 2016|

French energy giant Total is set to strengthen its renewables arm through the acquisition of energy storage systems company Saft.

Already a major shareholder in US solar firm SunPower Corporations, this move will further build on Total’s commitment to renewable energy and will boost its energy storage potential.

Patrick Pouyanné, Chairman and CEO of Total, said: “The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower. Saft’s renowned technological know-how and unique expertise have allowed it to develop innovative and competitive solutions for its clients. It will notably allow us to complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy. This transaction will also enable Saft, its management and employees to benefit from Total’s technical, industrial, commercial and financial support. In addition, this transaction will enable Saft to successfully accelerate its development.”

Ghislain Lescuyer, Saft’s CEO, added: “I am convinced that Total will provide Saft with the required expertise and resources needed for its future development, particularly in terms of technological and commercial capabilities. This transaction will benefit Saft’s clients and employees, who will be joining a major player in the energy space.”