Energieinfrastruktur: Verschlusssache: Wirtschaftsressort hat Sicherheitsbedenken wegen PSI-Übernahme durch US-Investor

In late June 2026, the German Federal Ministry of Economics approved a majority takeover of Berlin's energy software provider PSI by US financial investor Warburg Pincus, subject to certain conditions. The ministry, however, does not disclose these conditions, citing "constitutionally protected business secrets" of the involved companies.

This response to a request from the Green Bundestag faction reveals that the conditions aimed to address security concerns identified during the investment review process. The Green Bundestag faction's inquiry into these conditions was classified as "TOP SECRET" and forwarded to the Federal Parliament's secret protection unit, with Bundestag representatives allowed to view but not publicly disclose such information.

The Green Bundestag faction's energy policy spokesman, Michael Kellner, understands the secrecy surrounding the conditions. "It may be frustrating for some market players that the ministry does not publicly disclose the conditions," Kellner told the Handelsblatt. "The conditions demonstrate the increased sensitivity in politics regarding US investments in critical infrastructure."

Kellner also acknowledges many market players' criticism of the majority takeover by the US investor, deeming it largely justified. He believes a failure of the takeover would be a decision the ministry should have justified.

PSI is considered the "SAP of the energy sector," providing industry-leading software for managing energy networks for electricity, gas, heat, oil, and water. Roughly 90% of Germany's major and medium-sized electricity and gas distribution companies use PSI software, according to industry data. Warburg Pincus announced its interest in the majority takeover in the previous year, and the Federal Ministry of Economics initiated an investment review process in January.

The ministry can conduct an investment review under the External Economic Affairs Ordinance when a non-EU investor acquires a stake in a German company that exceeds certain thresholds. The review focuses on specific cases, such as if the company to be acquired operates critical infrastructure or manufactures software used in critical infrastructure.

The Federal Ministry of Economics states that PSI is an important provider of software solutions for operators of electricity and gas infrastructure in the investment review. Consequently, the ministry "thoroughly assessed the company's market position, potential impacts on supply security, and other security-relevant aspects and indications in its decision-making," without revealing further details.

The takeover by a US investor gains significance against the backdrop of growing tensions between the United States and Europe, including the European Union's criticism of American data protection regulations deemed disproportionate.

Earlier this year, industry critics raised concerns about potential security risks from a US investor's controlling influence over PSI. Warburg Pincus and PSI denied these allegations.