Equinor, a Norwegian energy company, has agreed to purchase a 100 per cent stake in East Point Energy, a developer of battery storage in the US. East Point Energy, based in Charlottesville, Virginia, is developing 4.1 GW of battery storage facilities throughout the US East Coast. Beyond its current pipeline, the privately owned company has found additional growth potential.
The objective of the acquisition is for Equinor to expand the range of energy products offered by the company in the US. No financial details have been disclosed. In the third quarter of 2022, the deal is anticipated to close. It comes after Equinor signed an agreement last December to acquire a 45 per cent stake in UK-based battery storage developer Noriker Power. Under the terms of the agreement, Equinor has an option to acquire a full stake in Noriker Power at a later stage.
In June 2022, Equinor began a study with partners in the Troll and Oseberg fields to determine the feasibility of a 1 GW floating offshore wind farm in Norway. TotalEnergies, Shell, and ConocoPhillips, Equinor’s partners, plan to create the Trollvind floating offshore plant in the Troll area, which is located about 65 km west of Bergen.