• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 3 days By Kellen McGovern Jones - "BlackRock Behind New TX-LA Offshore Wind Farm"
  • 10 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
  • 10 days Bad news for e-cars keeps coming
  • 9 days The United States produced more crude oil than any nation, at any time.
  • 12 days RUSSIA - Turkey & India Stop Buying Russian Oil as USA Increases Crackdown on Sanctions
Houston we Have a Problem

Houston we Have a Problem

Hurricanes, despite appearing with increasing…

French Oil Giant Extends Renewables Presence, Acquires Lampiris

French oil major Total has purchased all of the company shares of Lampiris, an independent Belgian renewables company.

Lampiris services about one million accounts and deals in gas and green power sources. It supplies insulation services, furnace maintenance, smart thermostats and some heating fuels. There will be no impact on any of the company’s accounts or suppliers, and no jobs will be affected by the purchase.

Total and Lampiris issued a joint statement on Tuesday saying that both companies agreed to the purchase. Details of the move were not released, but Reuters reports that the deal is thought to be worth approximately $224 million USD.

A spokesman for Total said that the purchase would give the company the opportunity to enter the residential market. The agreement still remains subject to regulatory approval.

Total has aspirations of shoring up its place in the renewable market. Last month, in a move to expand efforts in that direction, the energy giant acquired high-tech battery maker Saft for $1.1 billion. Saft’s board unanimously agreed to the friendly takeover. The company manufactures batteries for industrial, transportation and civil and military markets.

Related: Congress Shoots Down Obama’s $10 Dollar Oil Tax

With an eye on an uncertain oil market, Total plans to divest itself of $10 billion in oil asserts, and make spending cuts. For some time now, it has been trying to shore up a spot in the renewable energy sector, and over the next 20 years it plans to increase its investment and presence in renewables, including solar power.

Total bought controlling stock in SunPower Corp in 2011, a U.S. company for $1.38 billion. Overall, Total plans to invest $500 million USD per year in renewable energy.

In April of this year, Moody’s Investor services downgraded Total’s credit ratings from Aa1 to Aa3, but with a stable outlook.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News