HomeBusinessNorwegian oil giant Equinor to buy U.S.-based energy storage firm

Norwegian oil giant Equinor to buy U.S.-based energy storage firm

Although it is involved in renewable energy projects, Equinor is a major producer of fossil fuels. The Norwegian state has a 67% holding in the company.

Hakon Mosvold Larsen | Afp | Getty Images

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 Tuesday 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…

Read more at www.cnbc.com

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