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TotalEnergies SE (NYSE:TTE) shares are trading higher on Wednesday after the company disclosed investments in six battery storage projects, totaling new storage capacity of 221 MW, for 160 million euros (around $172.58 million).
The construction began in late 2024, with commissioning set for early 2026.
The projects enhance TotalEnergies' role in Germany's clean energy sector, improving grid resilience and accelerating renewable energy adoption.
TotalEnergies is introducing new battery energy storage systems in Germany through its affiliate, Kyon Energy, adding to the 100 MW already under construction.
These battery projects complement TotalEnergies' German electricity portfolio, which includes 7 GW of onshore wind and solar in development with 200 MW installed or under construction and 6.5 GW net of offshore wind in development.
Additionally, the company has 2 GW of storage capacity in development, with 321 MW under construction, and 9 GW of electricity aggregation capacity managed by Quadra Energy.
TotalEnergies also operates 6,900 charge points, including 1,100 high-power stations.
Patrick Pouyanné, chairman and CEO said, ”The implementation and integration of all these battery projects will allow us to supply our customers with clean firm power, contributing directly to our targeted 12% profitability in this activity,"
This month, the company entered into an agreement with German developer RWE to supply 30,000 tons of green hydrogen annually to the Leuna refinery in Germany for 15 years, starting in 2030.
Investors can gain exposure to the stock via FT Energy Income Partners Strategy ETF (NYSE:EIPX) and GMO International Value ETF (NYSE:GMOI).
TTE Price Action: TotalEnergies shares are up 2.91% at $65.41 at publication on Wednesday.
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