Equinor gets United States battery storage space gamer

• Virginia-based East Point Energy has a 4.1 GW pipeline of very early to mid-stage BESS projects on the East Coast

Equinor has signed an arrangement to obtain US-based battery storage space developer East Point Energy.

The acquisition of a 100% shareholding in East Point Energy will certainly allow Equinor to widen its energy offerings in the United States, the company said.

The bargain is anticipated to finish in the third quarter of 2022.

East Point Energy, headquartered in Charlottesville, Virginia, has a 4.1 GW pipeline of early to mid-stage battery storage projects focused on the United States East Coast.

"The purchase of East Point Energy stands for Equinor's entry into the United States power market via flexible assets.

"It will allow Equinor to additional unlock the potential we see in the renewables space in the US, catching value from volatility in the power markets and also giving trusted solutions to the grid," claimed Olav Kolbeinstveit, senior vice head of state for power as well as markets within Equinor's renewables business.

Equinor "sees a strong chance" to develop a profitable business by deploying battery storage space assets in selected power markets.

This is based on the flexible nature of the assets and Equinor's advanced trading capabilities via its completely had energy trading residence Danske Commodities.

Adding flexible battery storage will enhance Equinor's profile of overseas wind, upstream oil as well as gas and also expanding chances in the hydrogen and also CCS space.

East Point Energy has a skilled group which has matured and divested a number of ready-to-build battery storage space projects in the US energy market.

East Point Energy will certainly end up being a subsidiary of Equinor with its group remaining to develop the business, in addition to including capabilities to own and run energy storage space projects in the near future.

"We anticipate working together with East Point Energy to develop a portfolio of battery storage space assets in the United States. This reinforces and also diversifies our existing renewable energy offerings in the US, that includes considerable overseas wind projects Empire Wind and also Beacon Wind," said Siri Espedal Kindem, elderly vice head of state for Equinor Renewables US.

"In support of the East Point Energy group, I am excited to welcome Equinor as the brand-new proprietor. We eagerly anticipate a lengthy as well as effective partnership creating, having as well as operating energy storage space projects in the US," says Andrew Foukal, CEO of East Point Energy.