January 21 (Renewables Now) - UK-based power system maker Rolls-Royce Holdings Plc (LON:RR) last week said it has increased its stake in energy storage solutions company Qinous GmbH to 73.1% from 19.9% previously.
As of January 15, Rolls-Royce holds the shares of all other financial investors in Qinous, including that of investment holdings company IBB Beteiligungsgesellschaft mbH, while the company's founders will keep their stakes. The price paid by Rolls-Royce was not disclosed.
Rolls-Royce first invested in Qinous in October 2018. The former start-up makes smart plug-and-play battery products that combine renewable energy sources, power generators and battery storage technology. Qinous develops storage systems for solar and wind energy in an average power range of 30 kW – 2 MW.
The acquisition comes after the two companies recently worked together on a range of storage solutions and decided closer integration could unlock new market potential, commented Andreas Schell, CEO of Rolls-Royce's power systems division. He added that the new subsidiary would bring together all microgrid activities of the division and will "play a pivotal role going forward."
Qinous's co-founder Steffen Heinrich said that with the experience and global presence of Rolls-Royce's MTU brand, which offers customised energy solutions, the company can meet demand in a quicker and more comprehensive way.