French oil and gas company Total has announced its plans to buy an energy storage developer.
The deal with Saft will be worth €950 million (£750m).
The battery maker will help the group “spearhead” in electricity storage and enable Total accelerate its development in the green electricity sector.
The offer is now subject to review by France’s Markets and Finance Authority, which will evaluate its compliance with applicable laws and regulations.
Patrick Pouyanne, Chairman and CEO of Total said: “The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity.
“It will notably allow us to complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy. This transaction will also enable Saft, its management and employees to benefit from Total’s technical, industrial, commercial and financial support.”