Equinor buys US battery storage developer East Point Energy
Norwegian energy company to use flexible storage to boost returns from its renewables portfolio
Norwegian state-owned energy company Equinor has entered the US battery storage sector with an agreement to purchase Virginia-based developer East Point Energy. The privately owned developer has a project pipeline of 4.1GW, focused on the US east coast, and has identified further potential growth. The deal with Equinor, the financials of which have not been made public, is expected to close in the third quarter of this year. Equinor sees investment in flexible battery storage as a way to boost the returns of and to lower the risks in its renewables portfolio by providing balancing services to grids and by trading power through its Danske Commodities trading arm. Equinor is one of the largest
Also in this section
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity
15 March 2024
Oil major explores potential expansion of Canadian project as investment in CCS gathers pace