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AllianzGI acquires a 51% stake in German battery storage platform GESI

  • With 2.6 GW of capacity under development, the Green Energy Storage Initiative (GESI) currently represents one of the largest portfolios of large-scale battery storage facilities in Germany
  • This marks Allianz’s second direct equity investment in battery storage projects in Germany in a short space of time, thereby contributing to the stabilisation and resilience of the German energy system

23 April 2026 | Allianz Global Investors (AllianzGI) announced today that it has acquired a 51 percent stake in battery storage platform Green Energy Storage Initiative (GESI) on behalf of Allianz insurance companies. The German company develops, constructs and operates high-performance, digitalised large utility-scale battery storage systems to provide flexibility within the energy system.

GESI is currently developing three large-scale battery storage projects across Bavaria and Lower Saxony, with an aggregate grid connection capacity of around 2.6 GW. The projects rank among the largest battery storage developments in Germany and are located at strategically critical nodes of the transmission network. They benefit from the continued use of existing grid infrastructure, including former large power plant sites that have been decommissioned. Commissioning of the projects is scheduled by 2029. Furthermore, GESI has an attractive project pipeline.

Through this investment, Allianz further expands its exposure to the large-scale battery storage sector and reinforces its role in scaling system-critical infrastructure that enhances the stability and resilience of the energy system. Battery storage is a cornerstone of the energy transition, providing short-term flexibility, alleviating grid congestion, and enabling the efficient integration of renewable energy generation into the power system.

Ludovic Subran

“Modern storage solutions are a key component of an efficient and stable energy infrastructure. Demand for battery storage is therefore high and growing rapidly. This investment in GESI is already our second direct equity investment in battery storage in Germany, alongside the partnership with TotalEnergies that we announced at the beginning of March. We are delighted to be working with the established and highly experienced management team and the shareholders of GESI to further drive the development of large-scale battery storage in Germany,” says Ludovic Subran, Chief Investment Officer, Allianz Group.

Édouard Jozan

“Germany is Europe’s largest electricity market. Following our recently announced investment in the electricity transmission system operator Amprion, we are now making with this second investment in battery storage once again a targeted investment in a key technology of the energy transition that combines security of supply, grid stability and decarbonisation, and offers our customers long-term value creation potential,” says Édouard Jozan, Head of Private Markets, Allianz Global Investors.

Walter Raizner

“For a successful and affordable energy transition, Germany urgently needs additional storage capacity,” says GESI CEO Walter Raizner. “With Allianz as an experienced and renowned partner, we are now ideally positioned to make a significant contribution to the transformation of the German energy system- in the interests of climate protection and an independent, sustainable energy supply”.

Jens Michael Wegmann

“Currently, green electricity worth billions of euros is lost every year because wind and solar power plants have to be curtailed or shut down,”says GESI COO Jens Michael Wegmann. “Allianz’s commitment demonstrates that energy storage is a key lever for better utilising the potential of renewables, reducing system costs, increasing security of supply and thereby improving the overall economic efficiency of the energy system.”

Notes to editors:
Image (© GESI) can be used free of charge.

Contacts

Allianz Global Investors Contacts:

Pia Gröger
Tel: +49 89 1220-8267 | Cell +49 173 3586167
pia.groeger@allianzgi.com

Marion Leblanc-Wohrer
Tel: +33 17305 7791
Marion.leblancwohrer@allianzgi.com


GESI Contact:

presse@gesi-deutschland.de
Tel: +49 89 55277-0



About Allianz Global Investors:

Allianz Global Investors is a leading active asset manager with more than 700 investment professionals in 21 offices worldwide, and managing EUR 591 billion in assets. We believe that with every change comes an opportunity. Our goal is to actively shape the future of investing for all our clients, wherever their location and whatever their objectives. Curious and active in everything we do, we aspire to generate impact beyond alpha, steering our clients’ assets towards the right place at the right time, and building solutions that draw on capabilities across public and private markets.

Our focus on protecting and growing our clients’ assets allows us to create trusted partnerships, underpinned by a commitment to sustainability and driving positive change.

Data as at 31 December 2025. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-à-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.


About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers, active in almost 70 countries and serving around 97 million private and corporate customers*. Our customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Recognized for the seventh consecutive year as the number one global insurance brand in Interbrand’s Best Global Brands 2025 ranking, Allianz’s success is built on technology-enabled customer centricity - providing peace of mind, protection, and prevention for our customers and strengthening the resilience of individuals, communities, and societies. We are one of the world’s largest investors, managing around 764 billion euros** on behalf of our insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 2.0 trillion euros** of third-party assets. Thanks to our systematic integration of environmental and social criteria in our business processes and investment decisions, Allianz received an MSCI ESG Rating of AAA (as of March 2026). In 2025, our 156,000 dedicated employees achieved a total business volume of 186.9 billion euros and an operating profit of 17.4 billion euros for our shareholders.

* Customer count reflects Allianz customers in consolidated entities that are part of the customer reporting scope only.
** As of December 31, 2025.


About GESI

GESI SE, based in Pullach, plans, finances, builds and operates large-scale battery storage facilities. Grid connection commitments have currently been secured for three sites with a total capacity of 2.6 gigawatts. Further projects are in the pipeline. The operational business is led by Walter Raizner (Chairman & CEO, former COO of the IBM Technology Group and former member of the Telekom Executive Board) and Jens Michael Wegmann (COO & Board Member, formerly CEO of Siemens Industrial Solutions, among other roles). Other shareholders and members of the Board of Directors include family entrepreneur Martin A. Schoeller, the former BCG Chairman for the DACH region and Asia, Dr Peter Strüven, and the long-standing Munich Re CEO, Dr Nikolaus von Bomhard. In addition, GESI has established an advisory board comprising three renowned figures from the worlds of business and science: Prof. Maximilian Fichtner from the Helmholtz Institute Ulm for Electrochemical Energy Storage, the long-standing Siemens CEO Prof. Heinrich von Pierer, and Prof. Christoph Wittwer from the Fraunhofer Institute for Solar Energy Systems.

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