Overview
July 12, 2022, Norwegian energy group Equinor ASA(NYSE: EQNR) has signed an agreement to buy a 100% stake in the US based battery storage developer East Point Energy LLC. East Point Energy has a 4.1 GW current pipeline of early to mid-stage battery storage projects focused on the US East Coast.
The acquisition is expected to close in the third quarter of this year and East Point Energy will continue to grow its business as a fully-owned subsidiary of Equinor.
Explore the U.S. power market
“The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets. It will enable Equinor to further unlock the potential we see in the renewables space in the US, capturing value from volatility in the power markets and providing reliable services to the grid,”
“The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets. It will enable Equinor to further unlock the potential we see in the renewables space in the US, capturing value from volatility in the power markets and providing reliable services to the grid,”says Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor.
Equinor is already one of the largest offshore wind developers in the US, operating two lease areas in the US and providing 3.3GW of energy to The state of New York. The acquisition of U.S. battery storage developer East Point Energy helps Equinor expand its business in the U.S. power market.
The company indicates that 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 achieving further penetration of renewable energy, which helps stabilize the electricity market and improve supply security. The flexible battery storage will complement Equinor’s portfolio of offshore wind, upstream oil and gas and growing opportunities in the hydrogen and CCS space.
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Source: Equinor ASA
