Equinor to buy US energy storage developer East Point Energy

Norwegian energy group Equinor ASA (NYSE:EQNR) has agreed to acquire East Point Energy LLC, a US battery storage developer with a 4.1-GW pipeline of early to mid-stage battery projects mainly on the East Coast.

The purchase of the Charlottesville, Virginia-based company is expected to be completed in the third quarter of the year, with East Point Energy to become a subsidiary of Equinor. No financial details were provided.

The deal will allow Equinor to gain a position in a sector that is expected to play a key role in the energy transition as renewables penetration grows. The Norwegian group said that adding flexible battery storage will complement its US portfolio of offshore wind developments, upstream oil and gas, and opportunities in hydrogen and carbon capture and storage (CCS).

“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,” commented Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor.

According to the announcement, East Point Energy has matured and sold a number of ready-to-build battery storage projects in the US since 2018.

This is not the first investment in the battery storage sector for Equinor. Late last year, the company took a stake in UK battery storage developer Noriker Power Ltd.

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