Equinor has signed an agreement to buy a 100% stake in the US based battery storage developer East Point Energy. The acquisition supports Equinor’s ambition to be a leading company in the energy transition and provides a platform for broadening our energy offerings in the US. The privately owned East Point Energy is headquartered in Charlottesville, Virginia and has a 4.1 GW current pipeline of early to mid-stage battery storage projects focused on the US East Coast. Additional growth potential beyond the current pipeline has been identified.Battery storage will play an important role in the energy transition as the world increases its share of intermittent renewable power. Battery storage is key to enabling further penetration of renewables, can contribute to stabilizing power markets and improve the security of supply. The acquisition will provide us with attractive investment opportunities, and the projects will contribute to lifting the return on our renewable portfolio while at the same time lowering the portfolio risk.The acquisition of East Point Energy is another step in this direction following the 2021 investment in Noriker Power Limited, a leading battery storage developer in the United Kingdom. The acquisition also further diversifies Equinor’s energy offerings in the US, strengthening our role as a reliable supplier of energy. Adding flexible battery storage will complement Equinor’s portfolio of offshore wind, upstream oil and gas and growing opportunities in the hydrogen and CCS space.
Equinor has signed an agreement to buy a 100% stake in the US based battery storage developer East Point Energy. The acquisition supports Equinor’s ambition to be a leading company in the energy transition and provides a platform for broadening our energy offerings in the US. The privately owned East Point Energy is headquartered in Charlottesville, Virginia and has a 4.1 GW current pipeline of early to mid-stage battery storage projects focused on the US East Coast. Additional growth potential beyond the current pipeline has been identified.Battery storage will play an important role in the energy transition as the world increases its share of intermittent renewable power. Battery storage is key to enabling further penetration of renewables, can contribute to stabilizing power markets and improve the security of supply. The acquisition will provide us with attractive investment opportunities, and the projects will contribute to lifting the return on our renewable portfolio while at the same time lowering the portfolio risk.The acquisition of East Point Energy is another step in this direction following the 2021 investment in Noriker Power Limited, a leading battery storage developer in the United Kingdom. The acquisition also further diversifies Equinor’s energy offerings in the US, strengthening our role as a reliable supplier of energy. Adding flexible battery storage will complement Equinor’s portfolio of offshore wind, upstream oil and gas and growing opportunities in the hydrogen and CCS space.
