€950m deal pushes French oil giant deeper into renewables

French oil firm Total has agreed to buy compatriot battery maker Saft in a deal worth around €950 million (£747 million). The acquisition deepens Total’s venture into renewable energy after buying a controlling stake in US solar power firm SunPower in 2011.

‘The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity,’ said Total’s chief executive Patrick Pouyanné. He described energy storage as ‘a key component of the future growth of renewable energy.’