Norway’s Equinor is to acquire U.S.-based battery storage developer East Point Energy after signing an agreement to take a 100% stake in the company.
Equinor, a major producer of oil and gas, said that Charlottesville-headquartered East Point Energy had a 4.1-gigawatt pipeline of “early to mid-stage battery storage projects focused on the US East Coast.”
According to Equinor, the transaction is slated for completion in the third quarter of 2022. “Battery storage will play an important role in the energy transition as the world increases its share of intermittent renewable power,” Equinor said. “Battery storage is key to enabling further penetration of renewables, can contribute to stabilizing power markets and improve the security of supply,” it added.
In Dec. 2021, the International Energy Agency said the world’s installed storage capacity was projected to jump by 56% over the next five years, hitting 270 GW by 2026.