Equinor takes stake in UK battery developer

• Norwegian offshore wind giant takes 45% stake in Noriker Power with option to take full control

Equinor has actually authorized a contract to acquire 45% of UK battery developer Noriker Power.

The bargain, which includes an option to take 100% control at a later date, will see the Norwegian gamer "directly participate" in the developer's projects.

As part of the arrangement, Equinor will certainly additionally acquire the shares currently held by one more investor, Gresham House Plc and Gresham House Energy Storage Fund Plc, which together own 15%.

Noriker Power, headquartered in Gloucester, has created and also built over 250MW of battery storage throughout the UK as well as has a near term pipeline over of 500MW in battery storage, hybrid energy as well as stability solution projects.

It will certainly make use of the financial investment from Equinor to enhance its project advancement system, including engineering growth, control systems innovation and also mathematical optimisation.

Equinor said it sees a solid opportunity to develop rewarding services by releasing batteries as well as storage possessions to satisfy the expanding demand to stabilise power markets.

On top of that, the offshore wind developer believes it might match its existing renewables profile in the UK by deploying batteries in proximity of its offshore wind possessions to boost returns.

" Battery storage is mosting likely to be an essential part of the energy transition as the world enhances its share of recurring renewable power," said Olav Kolbeinstveit, senior vice president for power as well as markets within Renewables at Equinor.

" Large-scale batteries can be charged when there is excellent access to low-cost electricity as well as discharged when supply is limited.

" This will certainly allow services to develop lucrative solutions around the demand to balance markets, stabilise the electrical energy grid as well as improve safety of supply. The UK's high degree of renewables make the country a fascinating financial investment case for a battery storage business."