HomeRenewablesTotal makes major play for renewables with Saft takeover

Total makes major play for renewables with Saft takeover

The French oil giant Total has served notice of its intent to become a ‘responsible energy major’ through acquiring French battery maker Saft in a €950m ($1.1bn) deal.

Total is accelerating its move into the global energy market and Saft is to become Total’s “spearhead” in electricity storage, Total’s chief executive Patrick Pouyanné said in a statement.
Total Energy
“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.”

The move follows an announcement from Total last month revealing plans for the firm to create a fourth unit housing its gas, renewables, and power segments to help diversify the firm’s revenues away from oil. The firm also pledged to invest $500m per year into renewables as it seeks to pivot its business model away from fossil fuel use.

Business Green mentioned a report released last week from Carbon Tracker, which found that oil and gas firms could be worth $100bn more if they aligned their investment plans with the two degree target set out in the Paris deal and stepped up efforts to minimise their exposure to climate-related risks.
Saft equipment