Oil giant Total values battery maker Saft at €950 million as pair agree takeover
Saft has already delivered large-scale storage systems to projects in regions including Puerto Rico, where renewable energy installations must have energy storage integrated into their systems to be approved for grid connection. Image: Saft.
Oil and gas company Total has proposed to buy battery company Saft, which produces devices for the stationary storage industry as well as for transport and other applications.
Total said this morning that it had filed a friendly tender offer, following the signing of an agreement with Saft. In line with the “friendly” aspect of the takeover, the energy producer is willing to pay a premium on shares, offering to buy them at €36.50 (US$41.58), which is 38.3% above their valuation as of Friday and 41.9% above the weighted average share value over the past six months. Total valued Saft at €950 million (US$1,082 million), or nine times the battery maker’s 2015 reported EBITDA (earnings before interest, taxes, depreciation and amortisation).
Saft’s product range includes the Intensium Max Lithium-Ion containerised storage solution, which it has deployed to numerous recent grid-connected and off-grid projects in regions including solar-plus-storage leaders Hawaii and Puerto Rico. The company also makes its own residential systems and recently deployed an innovative US project to store energy from regenerative braking on trains to then play into grid-balancing frequency regulation markets. Saft recently also opened a new facility in China and enjoyed a visit from US president Barack Obama at its manufacturing plant in Florida in February.
With over 100,000 employees, Total is in the top five oil and gas producers worldwide but also holds a majority stake in leading high-efficiency PV manufacturer SunPower.
After already being met with unanimous approval by Saft’s board who recommended shareholders tender their shares, the proposed takeover remains subject to approval from the Autorité des Marchés Financiers (AMF).
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,” Patrick Pouyanné, Total’s chairman and CEO said.
“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,” Saft CEO Ghislain Lescuyer said.
“This transaction will benefit Saft’s clients and employees, who will be joining a major player in the energy space”.
Saft launched a residential system in the middle of last year. Image: Saft.
Energy Storage Summit Europe
The Energy Storage Summit, now in its 6th year is renowned for its quality, breadth and expertise, featuring an all-encompassing range of strategic and technical sessions on the adoption and deployment of storage. The Summit plays a pivotal role in the journey to propelling the industry into the next stage of its development, providing an unrivalled platform to develop the right partnerships and create business opportunities of all sizes. This eco-system event brings together the entire value chain including Utilities, Developers, EPCs, Investors, Manufacturers, Energy storage providers, local government and DNO’s making this one of the must–attend storage events for 2021.
Solar & Storage Finance USA
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2020 for its 7th edition!
Energy Storage Digital Series
The Energy Storage Digital Series provides the industry a platform from which to super-charge sales and marketing efforts at a time when travel and event interaction is restricted. Over the course of 5-days vital and exciting information will be broadcast live via our webinar system and recorded, plus pre-recorded webinars for you to view on-demand. Dedicated live and previous podcasts to listen to, resources and more content that you can download for free at a time that suits you.
Hear from industry experts on some of the leading issues such as ensuring health and safety for lithium ion installations and our cutting edge beyond lithium content showcasing some of the most exciting new technologies and chemistries coming to the fore.
Energy Storage Summit Latin America
The Energy Storage Latin America agenda provides the industry with an unrivaled opportunity to discuss how the region is set to unlock the full potential of energy storage, accelerate deployment and address the main regulatory and financing challenges. The Energy Storage Summit Latin America is the first event of its kind, designed with a clear goal to accelerate both dialogue and deployment of energy storage solutions. Hear from a world-class line up of industry speakers discussing: The changing market, Active and pending projects, Regulatory environment, Financing options and New storage technologies. This event is the only place where the entire energy storage value chain will be present. Enquire now and be part of an unparalleled platform enabling you to network and do business with: Government, Utilities, Developers, EPCs, Investors and more.
Also read...
-
Australian states’ solar-plus-storage plans set 'example for uncertain times'
-
COVID-19 outbreak sparks temporary delay for Portugal’s solar auction
-
California solar and storage work interpreted as 'essential service' during COVID19
-
Analysts: US energy storage gains 'nationwide foothold' amid hopes for rapid growth
-
Pattern Energy shareholders approve takeover by Canadian pension group
Comments