Equinor, oil and gas company based in Norway has signed a deal to acquire 100 percent interest in the United States battery storage developer known as East Point Energy. This acquisition supports the ambition of Equinor to be a leading company in the energy transition and are providing a platform for broadening its energy offerings in the United States.
The East Point Energy has a 4.1 gigawatt current pipeline of early to middle-stage battery storage projects that are focused on the East Coast of the United States, and the additional growth potential beyond the current pipeline has also been identified.
Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor, said the acquisition of East Point Energy is representing entry of Equinor into the United States power market through the flexible assets. It is going to enable Equinor to further unlocking the potential they can see in the renewables space in the United States, along with capturing value from the volatility in the power markets and providing reliable services to the grid.
The battery storage will be playing an important role in the energy transition as the world is increasing its share of intermittent renewable power, and the battery storage is the key to enable further penetration of renewables, can possibly contribute to stabilizing power markets and improve the security of supply.
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