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Equity Office Daily Brief: May 23, 2018

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Daily Brief

May 23, 2018

  EquilityOffice

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L.A. region's 'creative economy' produced 457,400 jobs in 2016, driven by Hollywood rebound

Los Angeles Times

 

The creative economy of the Los Angeles region saw significant job growth between 2011 and 2016, with statewide creative employment now exceeding the pre-recession highs observed more than 10 years ago, according to a new study. The annual Otis Report on the...

 


Preferred Bank Expands Figueroa Headquarters

Los Angeles Business Journal

 

Preferred Bank has expanded its headquarters at 601 S. Figueroa St. in downtown Los Angeles to 37,000 square feet, landlord Brookfield Properties announced. The bank previously leased around 22,000 square feet at the Figueroa at Wilshire building, sources said. The building’s other...

 


Commercial Real Estate Exchange Lands $11 Million in Series A Financing

Los Angeles Business Journal

 

Commercial Real Estate Exchange Inc., a Marina del Rey-based marketing and technology platform, announced it has secured $11 million in series A financing led by Jackson Square Ventures of San Francisco. Other investors include the Beverly Grove-based TenOnTen Ventures, Manifest Investment Partners...

 


Why the Property Industry Isn't Buying WeWork

Wall Street Journal

 

WeWork has convinced tech investors that short-term office rentals are the next big thing, and well worth a high price. Savvy real-estate investors also like that business, but not at WeWork’s valuation. Instead, they are focused on a one-time dot-com darling now...

 



BLOG & ONLINE NEWS

 

Vermont Corridor Development Approved by L.A. County Supervisors

Urbanize LA

 

Today, the Los Angeles County Board of Supervisors voted to certify the final environmental impact report and ground lease terms for the Vermont Corridor project, the latest step in the proposed redevelopment of several dilapidated office buildings in Koreatown. The action today...

 


Coretrust Capital Acquires 640,000 SF Office Campus in Pasadena, California

Rebusiness Online

 

PASADENA, CALIF. — Coretrust Capital Partners, through its investment fund Coretrust Value Fund I, has purchased Corporate Center Pasadena, a four-building office campus located at 201, 225, 251 and 283 S. Lake Ave. in Pasadena. The acquisition price was not disclosed. The...

 


EXCLUSIVE: WeWork And BuiltTech Labs' PropTech Partnership

Bisnow

 

WeWork is seeking a bigger share of the PropTech startup market. The coworking giant and BuiltTech Labs, an ecosystem for built environment technology, launched a nine-week pilot tech incubator program across the Southeast, starting in Atlanta. If that is successful, it could...

 


New Player Plans To Capitalize On The Disruption In CRE

Globe St.

 

Seasoned real estate investors Ryan Gallagher and Mark Moshayedi have launched Space Investment Partners, a new value-add investment firm intent on capitalizing on the disruption hitting commercial real estate. The firm will acquire properties in all asset classes and renovate and...

 


California approves rail plan that includes $77B bullet train

Construction Drive

 

Dive Brief: The California High-Speed Rail Authority finally approved its 2018 business plan, which reflects funding and cost challenges for the $77 billion San Francisco Bay area-to-Anaheim bullet train, according to the Associated Press report. The authority issued its draft of the 2018...

 


Sonnen Raises $70M From Shell For Energy Storage Efforts, Expansion

Socal Tech

 

Sonnen, the German developer of energy storage systems which has its U.S. headquarters in Los Angeles, said today that it has raised €60 million (approximately $70.23M US) from Shell, to expand its expansion in the US and Australia. The investment was...

 

FULL TEXT


L.A. region's 'creative economy' produced 457,400 jobs in 2016, driven by Hollywood rebound

Los Angeles Times

 

The creative economy of the Los Angeles region saw significant job growth between 2011 and 2016, with statewide creative employment now exceeding the pre-recession highs observed more than 10 years ago, according to a new study.

The annual Otis Report on the Creative Economy, which was released Tuesday, noted that direct employment in the Los Angeles region rose by 21,800 jobs to 457,400 during the five-year period.

In addition to individuals employed directly by a company, there were 179,200 freelance persons working in the creative industries of the region earning $8.5 billion in 2015, the latest year for which freelance information was available.

The L.A. region's creative economy includes the entertainment industry as well as other artistic sectors such as fashion, digital media, architecture and the visual and performing arts. The Otis report, authored by the Los Angeles County Economic Development Corp., covers Los Angeles and Orange counties.

Overall employment in the creative industries for the region totaled 792,600 jobs in 2016, up from 759,000 in 2015. The figures include direct employment as well as jobs indirectly generated through vendors, suppliers and other business partners.

For all of California, creative employment stood at 789,900 jobs in 2016, surpassing the pre-recession peak recorded in 2007 of 767,000 jobs, according to the report.

The research showed that in 2016, the creative industries in L.A. County alone generated 399,500 jobs, an increase of 13%, or 48,700 jobs, compared with 2011. The entertainment industry — which includes those who work in film, TV and post-production — accounted for more than 40% of those jobs, or 162,600 jobs in 2016.

Direct labor income in the creative industries in L.A. County totaled $37.4 billion that year. Hollywood contributed by far the largest share, at just over 45%, or $16.8 billion.

"We have an existing infrastructure and ecosystem that has allowed entertainment to thrive here and has drawn companies to the region that weren't originally here," said Somjita Mitra, director of the LAEDC's Institute for Applied Economics, in an interview.

Companies like Netflix, Amazon and Apple have set up their entertainment studios in L.A., recruiting local industry talent as they seek to expand or kick-start their original content production.

California's expanded film and TV tax incentives have also contributed to job growth, said Mitra. "We were able to bring back some of the jobs that were lost, especially in the television area."

The L.A. region has also benefited from the proliferation of digital media entertainment companies like BuzzFeed and AwesomenessTV, which specialize in short-form online content.

Gaming companies like Activision Blizzard, which is based in Santa Monica, have also contributed to job growth in the area.

"Video games are like full-scale movie productions now," said Chris Rico, who heads digital media and entertainment development at LAEDC. "They are also pulling from that same talent pool."

The report noted, however, that the L.A. region's creative sector faces ongoing external threats.

"Countries such as China and India have invested heavily in their domestic entertainment industries, increasing global competition for products produced in the Los Angeles region," the report stated. "Moreover, the continued race to the bottom for state film tax credits might siphon some film studios from the Los Angeles basin, especially as the film support industries mature in other localities."

Nonetheless, the statewide employment outlook for the creative industries continues to appear bright.

The Economic Development Corp. — the nonprofit organization that promotes economic development in the region — projects that the statewide creative economy will grow by 5.6% between 2016 and 2021. That translates into a 44,200-job increase over five years, from 789,600 creative economy jobs in the state in 2016 to 833,800 jobs by 2021.

-David Ng

Preferred Bank Expands Figueroa Headquarters

Los Angeles Business Journal

 

Preferred Bank has expanded its headquarters at 601 S. Figueroa St. in downtown Los Angeles to 37,000 square feet, landlord Brookfield Properties announced.

The bank previously leased around 22,000 square feet at the Figueroa at Wilshire building, sources said. The building’s other tenants include law firms Seyfarth Shaw and Dentons, Brookfield said in a statement.

Jim Travers, founding principal at Travers CRESA, represented Preferred Bank. Marin Turney and Joh Barganski represented Brookfield.

“Downtown Los Angeles has been our home for many years and our company growth mirrors the great success of this thriving business district,” said Li Yu, Preferred Bank’s chairman and CEO.

Last month, the bank reported record first-quarter earnings with a net income of $16.6 million. Year over year, Preferred Bank’s stock has gained about 30 percent, trading at $65.81 per share on May 22.

-Ciaran McEvoy 

Commercial Real Estate Exchange Lands $11 Million in Series A Financing

Los Angeles Business Journal

 

Commercial Real Estate Exchange Inc., a Marina del Rey-based marketing and technology platform, announced it has secured $11 million in series A financing led by Jackson Square Ventures of San Francisco.

Other investors include the Beverly Grove-based TenOnTen Ventures, Manifest Investment Partners of Tiburon, Calif., New York-based Lerer Hippeau Ventures and Freestyle Capital of San Francisco, among others.

CREXi, as the company bills itself, is an online marketplace that counts more than 50 employees. The company said it has helped buyers, sellers and brokers do deals on more than 90,000 commercial listings totaling more than $450 billion value since CREXi’s launch in 2016.

“For a market that's notoriously reluctant to embrace technology, we’re excited to see such strong levels of adoption and engagement among relevant stakeholders,” said Josh Breinlinger, managing director of Jackson Square Ventures, in a statement.

-Ciaran McEvoy 

Why the Property Industry Isn't Buying WeWork

Wall Street Journal

 

WeWork has convinced tech investors that short-term office rentals are the next big thing, and well worth a high price. Savvy real-estate investors also like that business, but not at WeWork’s valuation.

Instead, they are focused on a one-time dot-com darling now called IWG . Shares in the London-based company jumped 21% last week after it disclosed takeover interest from three separate bidders. Barry Sternlicht’s private-equity group Starwood Capital has made a tentative offer, as has U.K. buyout boutique TDR Capital. Talks with Lone Star, another U.S. private-equity firm, are less advanced. A consortium including Canadian property giant Brookfield ended takeover talks with IWG in January.

Formerly known as Regus, IWG has a global network of more than 3,000 offices, more than any other provider. Like WeWork, it leases space from landlords, readies it for companies and then sublets it on temporary leases. Demand for such accommodation has been blossoming as startups have proliferated and even larger companies have sought a more flexible, customer-oriented approach from landlords.

For all its talk of “workspace as a service,” however, IWG isn’t priced like a tech star. Even after the latest bids, the company is valued at $4.1 billion including debt, just seven times earnings before interest, taxes, depreciation and amortization. A private capital injection by SoftBank last year valued WeWork at $20 billion. Founded in 2010, WeWork had just 30% of IWG’s revenues in 2017 and deeply negative Ebitda, according to a recent bond prospectus.

IWG was the office disrupter of the dot-com era. An initial public offering in 2000 valued it at almost four times projected revenues. When the downturn came and tenants dried up, the company had no way to pay for its long, debtlike leases. It filed for Chapter 11 bankruptcy protection in the U.S. while retaining its U.K. stock-market listing. Expansion since has been more cautious.

Investors, too, have been cautious, particularly since the new tech boom brought WeWork and many others onto the scene. IWG’s old disruption story, focused on functional serviced offices, is itself being disrupted by trendier co-working “communities.” IWG issued a profit warning in October, sending its shares down 32%.

WeWork has shown up IWG’s biggest problem: Its market leadership is defended by a shallow moat. The company wants to widen it by securing more business with multinational groups that might value its hard-to-replicate global office network. But this trend, which WeWork is also chasing, is still young.

IWG’s history, in turn, hints at what could turn out to be WeWork’s biggest problem: Whirlwind expansion is very risky when it involves a commodity as cyclical and replicable as the office. Like IWG in 2000, WeWork more than doubled revenues last year.

A checkered history suggests short-term office space may have more potential for disruptive growth than sustainable profit. Mr. Sternlicht and his peers are wise to seek a cheap way in.

-Stephen Wilmot

Vermont Corridor Development Approved by L.A. County Supervisors

Urbanize LA

 

Today, the Los Angeles County Board of Supervisors voted to certify the final environmental impact report and ground lease terms for the Vermont Corridor project, the latest step in the proposed redevelopment of several dilapidated office buildings in Koreatown.

The action today allows Trammell Crow Company to proceed with the construction of a new headquarters for the L.A. County Department of Mental Health at 510-532 S. Vermont Avenue.  The 20-story, 295-foot-tall building is being designed by Gensler, and will feature 468,000 square feet of space atop a podium structure containing a 1,900-car garage and 10,000 square feet of ground-floor commercial uses.

An additional 10-level garage, with nine floors above ground and one basement level, would replace an existing parking at the back of the project site fronting Shatto Place.

Just south at 550 S. Vermont Avenue, Trammell Crow is set to convert the existing Department of Mental Health building - a 12-story structure - into rental apartments.  Plans call for 172 residential units with 4,700 square feet of ground-floor retail space in an adaptive reuse project designed by Steinberg Hart.  Plans also call for the construction of a five-story parking structure behind the building, which could later be capped with an additional five-story structure to create 74 more apartments.

Across the street at 433 S. Vermont Avenue, Western Community Housing, Inc. will construct a 72-unit senior affordable housing complex at the site of another County-owned building.  Their project will also include on-site parking and a community recreation center.

Construction will occur over multiple phases, starting with the construction of the new office building at 510-532 Vermont Avenue.  Build-out would occur over 36 months, with a groundbreaking as early as this year and completion as soon as 2021.  By mid-2019, construction of the affordable housing is set to begin across the street, with completion anticipated the year afterward.  The final phase of the project would be the adaptive reuse of the existing 12-story building, which is expected to begin in late 2021 and conclude by the end of 2023.  The total cost of the office building, estimated at slightly over $300 million, will be paid almost entirely by Los Angeles County

The Vermont Corridor project sits just north of the L.A. City-owned parking lot where the Korean American National Museum is to be built, as well as a Denny's restaurant slated for redevelopment with a 36-story mixed-use tower.

-Steven Sharp

Coretrust Capital Acquires 640,000 SF Office Campus in Pasadena, California

Rebusiness Online

 

PASADENA, CALIF. — Coretrust Capital Partners, through its investment fund Coretrust Value Fund I, has purchased Corporate Center Pasadena, a four-building office campus located at 201, 225, 251 and 283 S. Lake Ave. in Pasadena. The acquisition price was not disclosed.

The 640,000-square-foot property features 40,000 square feet of retail space, a 60,000-square-foot plaza and more than 2,000 parking stalls. Coretrust acquired the campus from an ownership group that controlled the property for more than 30 years.

The buyer plans to invest more than $90 million in renovations to the property. Renovations include upgrading the buildings with state-of-the-art technologies; creating inviting public spaces, including plazas, gardens and terraces; updating all lobbies; modernizing elevators; and adding on-site tenant serving businesses.

-Amy Works

EXCLUSIVE: WeWork And BuiltTech Labs' PropTech Partnership

Bisnow

 

WeWork is seeking a bigger share of the PropTech startup market.

The coworking giant and BuiltTech Labs, an ecosystem for built environment technology, launched a nine-week pilot tech incubator program across the Southeast, starting in Atlanta. If that is successful, it could go global, WeWork Southeast General Manager Bobby Condon said in an exclusive interview.

“Given what we do in the design space and our digital and physical offerings, we want to keep our fingers on the pulse of what is happening in the built space,” Condon said.

The incubator will focus largely on disruptive startups in the built environment. BuiltTech will provide initial seed money for the startups to help them develop business plans and products, and in return WeWork will provide memberships and dedicated office space to grow their businesses. BuiltTech Labs founder KP Reddy said WeWork’s platform can provide the still-young PropTech startup sector the structure it needs for long-term success.

“Because the built environment is fragmented, it’s hard to drive innovation from the top down because there is no top. The enterprise in the built environment is at a project level. We have an ability here to adopt technology to streamline that is enticing,” Reddy said.

Tech companies participating in the accelerator receive their initial funding through Shadow Ventures, a $25M fund founded by Reddy that provides seed funding between $500K and $1M. Reddy said the program is geared toward startups that need full support to develop their products and business strategies. Participating companies have the ability to take advantage of BuiltTech’s global mentor network to assist on product development and extra capitalization, and they can brainstorm with other companies in the program, and identify and leverage new talent within the space.

“When you’re a two- to five-person startup that’s just getting started, it’s hard to find experts to bounce ideas off of. That is the challenge. Knowing you’re part of a community and can leverage the talent within it is important,” Reddy said.

When the startups complete the program, WeWork will have the right of first refusal to invest further in these companies.

This has dual benefits for WeWork. The program allows the company to cultivate an in-house pipeline of future tenants as other competitors like Regis and Rent 24 are expanding their footprints in the U.S. coworking market. The relationship will also allow WeWork to create its own network of startups and have direct access to their technology. If the program is successful, it can be expanded across WeWork’s global ecosystem of 253 locations in 74 cities and 22 countries, Condon said.

“From WeWork’s perspective, we’ve only scratched the surface with our global platform,” Condon said.

Condon said WeWork is a global company with a local perspective. It identifies thought leaders within its markets and uses its platform to grow the local tech community.

WeWork earmarked 6K SF within its Buckhead, Atlanta, location for the incubator and added a card reader so that startups in the program are the only ones that can utilize the space.

National Buzz

The decision to launch the program in Atlanta was a calculated one. Condon said Atlanta is WeWork’s Southeast headquarters and home to Georgia Tech. Atlanta is also a large real estate market with a long history of innovation in the built environment. Although 70% of BuiltTech’s portfolio is outside Atlanta, it is Reddy’s home base. Given all of these factors, Condon said having Atlanta as the hub for this new incubator made sense.

The program has already attracted national interest. More than 20 startups and innovative companies attended a networking event for the program at WeWork’s space in New York’s Gramercy Park. So far, two months of startups have entered the BuiltTech program, and Reddy said nearly all of the participants learned about the program by word-of-mouth. BuiltTech is bringing a variety of companies into the program ranging from 3D modeling and printing startups, to Internet of Things companies building sensors and controls to operate building mechanical and electrical systems. Other firms participating in the program are more focused on real estate data collection and predictive models, identifying properties to invest, bringing transparency and accuracy to property valuations and comparables, and financial management.

The ultimate goal for startups graduating from the accelerator is to become worthy of further investment. Condon sees the accelerator as an opportunity to raise awareness of WeWork’s enterprise presence, and support the best startups produced by the accelerator after they graduated the program.

“Once a member graduates and we determine they’re worth further investment, we’ll look at how to continue providing them space and support wherever they need it,” Condon said.

BuiltTech also plans to add a separate nine-week accelerator to the partnership for corporate startups. The model is similar to an accelerated MBA program and will launch in June.

-Chuck Sudo 

New Player Plans To Capitalize On The Disruption In CRE

Globe St.

 

Seasoned real estate investors Ryan Gallagher and Mark Moshayedi have launched Space Investment Partners, a new value-add investment firm intent on capitalizing on the disruption hitting commercial real estate. The firm will acquire properties in all asset classes and renovate and reposition them to take advantage of the changing market dynamics, specifically changes in technology and demographic shifts. They have developed a unique strategy to harness these changes by sourcing both private and institutional capital. Large family offices are the firm’s primary backers, but Gallagher and Moshayedi have deep institutional relationships that they can leverage for larger deals. As a result, they will consider deals ranging from $15 million to $250 million. Southern California will be the group’s initial focus, but it plans to quickly expand through the West Coast, with Portland, Seattle and the Bay Area making their shortlist of target markets. We sat down with Gallagher for an exclusive interview to talk about the firm’s stagey, funding and how they plan to capitalize in this rapidly changing industry.

GlobeSt.com: What was the impetus for you and your partners to launch this new investment firm, and what is your vision for the company?

Ryan Gallagher: We believe that there are going to be a lot of disruptive forces that are going to change the way that commercial real estate is utilized going forward. We believe that is going to create winners and losers in the industry, which will ultimately create opportunities for us. When you look at the demographic shift, millennials and technology are changing the game in every aspect of our business, as they are in every business. Office space, for example, used to be simply a place to house a workforce. Now, it is a recruiting tool, a retention tool, a marketing tool and the place where you are going to come up with your next great idea. We are seeing companies really focus on those elements and the overall utility of the space—and they are willing to pay more for it. You are seeing properties that offer that experience lease up faster and at higher rates.

That is just one area. If you look at retail, there are many retailers shutting stores and declaring bankruptcy. For us, we believe that retail needs to serve a new purpose. We believe that everyone desires social interaction, and retail centers will serve as a center for the community, whether that is to eat or have coffee or workout or get medical attention. We also see retail centers as being sporting centers for kid’s activities.

With the affordability factor, we think there is going to be innovation in how people develop apartments to make them more efficient and cost effective, as well as cities creating a more lenient code on densities. Industrial is clearly experiencing significant demand as we are shifting from bricks and mortar to online sales. That is creating some new opportunities in the industrial sector. It is the hottest product type out there. We are looking at all of these things and how they are changing the industry. If you know where to look for the product and find out what the demographic demands are, there is a lot of opportunity out there.

GlobeSt.com: You expect these changes to come rapidly. What do you think the real estate industry will look like in the next five to 10 years?

Gallagher: If we look at the different demand patterns that we are seeing—which are caused by the combination millennials coming into the workplace and technology—we think that all of the product types are going to go through significant change. Retail is going to go through the most significant change, and that has already started. Office product is antiquated, and a lot will need to be changed. Apartment demand remains strong, and we see multifamily demand remaining strong. We believe that there is going to be urban demand in cities for the next three to four years, and then millennials will go to a close-in suburban location that is highly amenitized. Then, on the industrial side, last mile distribution is going to have a significant impact on pricing of industrial, the location of industrial and the configuration of industrial—which we believe will go to two or three stories.

GlobeSt.com: Tell me about your business plan for these assets.

Gallagher: We are going to be focused on value-add investment. We will hold onto some properties because some of our investors like real estate as an asset class, and because we have both private and institutional capital, we can afford to play in both parts of it. Generally speaking, we are flexible on the asset class. We are really careful on the location at this point. We think the location, especially at this point in the cycle, is critical.

GlobeSt.com: Yes, I wanted to ask you about the cycle. Is there any concern about starting an investment platform at what could be the top of the market?

Gallagher: We are taking a sniper approach right now, where we are not wholesale buying any one product type or category or market. We are looking very specifically at the assets and where we believe that there is dislocation or downstream demand. We believe that there are always opportunities if you look carefully enough and know how to reposition properties. At some point, we think that there will be a corrections, and we intend to be fully up and running to take advantage of it.

GlobeSt.com: What are your first-year goals for the company?

Gallagher: Our ultimate goal is to build a world-class real estate investment firm, and we plan to do that with the properties we buy and the team that we hire. Our monetary goals are somewhat secondary; however, we would like to buy several hundred million of dollars in deals this year if we can find them. We have enough capital right now to do close to a billion dollars in transactions. First and foremost, we want to build a great team and be methodical in the properties that we buy.

GlobeSt.com: That is a significant amount of capital to deploy. What is your average deal size or the price range you are targeting?

Gallagher: Our range is $15 million to $250 million. We don’t want to miss a deal just because it is $15 million. We have private capital, and if we can make money on it, we’ll do it. At the same time, we are very comfortable working on deals that are a $200 million or more. Because of our group has private capital and institutional capital relationships, we have the ability to close ourselves and that makes us nimble.

-Kelsi Maree Borland

California approves rail plan that includes $77B bullet train

Construction Drive

 

Dive Brief:

The California High-Speed Rail Authority finally approved its 2018 business plan, which reflects funding and cost challenges for the $77 billion San Francisco Bay area-to-Anaheim bullet train, according to the Associated Press report.

The authority issued its draft of the 2018 business plan in March, and the final version approved by the agency's board last week reflects changes based on feedback during the last few months. This latest version includes a decrease in projected ridership and an acknowledgment of the financing challenges, including that the authority does not have enough cash to completely cover the costs of its first Northern California route.   

Rail authority CEO Brian Kelly has asked the state legislature to extend by 20 years financing through California's cap-and-trade greenhouse gas program, which would help fund construction. Outgoing California Gov. Jerry Brown has also requested the authority to conduct both state and federal reviews, which should shorten up that process.  

Dive Insight:

The authority is required to produce a new business plan every two years in order to keep state lawmakers and the public informed about the bullet train project. And it was with the release of the March draft plan that the rail agency announced projected costs for the line had risen to more than $77 billion, almost double the initial estimate of $40 billion, and that the opening of the first phase would be delayed four years to 2029. The authority also added that total costs could increase to more than $98 billion by 2033 when the full line is scheduled to be operational.

According to a report from the Los Angeles Times, every six months of delay will likely add hundreds of millions of dollars to the project's price tag, leaving the next governor and state lawmakers with the burden of digging up funds for tunneling through three mountain ranges, land acquisitions and overcoming other logistical challenges. As it stands now, the 2033 completion date identified in the plan, according to the Times, does not include a strategy for financing the entire project.

The U.S. Department of Transportation delivered the latest batch of bad news for the bullet train when it announced that its Office of Inspector General would audit the $3.5 billion of federal grant money that has been delivered to the project thus far.

-Kim Slowey 

Sonnen Raises $70M From Shell For Energy Storage Efforts, Expansion

Socal Tech

 

Sonnen, the German developer of energy storage systems which has its U.S. headquarters in Los Angeles, said today that it has raised €60 million (approximately $70.23M US) from Shell, to expand its expansion in the US and Australia. The investment was made by Shell Ventures, the venture capital arm of Royal Dutch Shell. Sonnen develops a home energy storage platform based on batteries, which competes against Tesla's PowerWall products. Sonnen set up its US headquarters in Los Angeles back in 2016. The company's products are based on LiFePO4 battery technology.

Daily Brief May 23, 2018 unsubscribe

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