Equinor has signed an agreement to buy a 100 percent stake in the U.S.-based battery storage developer East Point Energy.
The privately owned East Point Energy is headquartered in Charlottesville, Va., and has a 4.1-gigawatt current pipeline of early to mid-stage battery storage projects focused on the U.S. East Coast. Additional growth potential beyond the current pipeline has been identified.
“The acquisition of East Point Energy represents Equinor’s entry into the U.S. power market through flexible assets. It will enable Equinor to further unlock the potential we see in the renewables space in the United States, capturing value from volatility in the power markets and providing reliable services to the grid,” said Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor.
Battery storage will play an important role in the energy transition as the world increases its share of intermittent renewable power. Battery storag