Oil giant Total values battery maker Saft at €950 million as pair agree takeover


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).

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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”.    

Read Next

July 19, 2024
The Energy Storage for Resilient Homes Act would allow residents of the two states to use funding from the Federal Emergency Management Agency (FEMA) to purchase residential BESS.
July 19, 2024
The US Department of Energy (DOE) has issued a loan of up to US$861.3 million to support 200MW of solar PV and 285MW/1,140MWh of battery energy storage system (BESS) projects in Puerto Rico.
July 18, 2024
US energy technology company Generac has been awarded a US$200 million grant from the Department of Energy (DOE) to deploy residential solar PV and energy storage systems in Puerto Rico.
July 9, 2024
Aggreko Energy Transition Solutions, a division of power generation equipment supplier Aggreko, has acquired US-based commercial and industrial solar company Infiniti Energy from private equity firm Upper Bay Infrastructure Partners.
July 5, 2024
Dutch independent power producer (IPP) PowerField has put a 52MWh BESS at a PV plant into operation, co-located with a 28MWp solar PV plant, which the company claims is the largest such site in the Netherlands.
July 5, 2024
Germany generated more power from renewable energy sources in the first half of 2024 than at any other time in its history, according to a report from the Fraunhofer Institute for Solar Energy Systems (ISE).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA