EnBW scraps Senec investor search, shifts storage business to existing customers

Germany-based utility EnBW has ended its search for an investor for residential battery storage company Senec after failing to secure new backing, concluding efforts launched in February to attract fresh capital for the Leipzig-based business.

EnBW said the search failed to identify a suitable investor despite recent progress at Senec, citing increasingly difficult market conditions. The utility said it will instead concentrate investment on strategically important areas of its core business.

Senec will complete ongoing projects and continue delivering and installing existing orders for its SENEC.Home E4 and SENEC.Home P4 residential battery systems. The company will accept orders for both products until the end of August, with installations scheduled for completion by Dec. 31, 2026.

Existing customers will continue to receive support through Senec’s installation partners and customer service team. Service, warranties, and existing guarantees will remain in place, while the company will also complete its replacement program for older battery systems affected by repeated fire incidents.

Senec will discontinue new product development and stop actively marketing its existing portfolio. Chief Executive Officer Herbert Schein will remain in charge, and the company’s Leipzig headquarters will stay open.

EnBW said the shift to a business focused exclusively on existing customers will require workforce reductions. Discussions between management and the works council on a socially responsible restructuring process are underway, although the company has not disclosed how many jobs will be affected.

From pv magazine Deutschland