Norwegian oil and also gas major Equinor buys United States battery storage developer East Point Energy

Jul 13, 2022 12:29 PM ET
  • Norwegian state-owned energy company Equinor will certainly get East Point Energy, a US-based programmer of grid-scale battery energy storage projects.
Norwegian oil and also gas major Equinor buys United States battery storage developer East Point Energy
Image: Noriker Power

With the Norwegian state as its 67% majority investor, Equinor-- formerly referred to as Statoil-- is best understood for its oil and also gas service but has more recently end up being a significant owner and operator of renewable energy assets, especially offshore wind.

Its procurement target meanwhile supplies an early-stage platform for the energy significant to get in the flourishing United States battery storage space market and take advantage of its renewables organization.

For example, Equinor has actually partnered with fellow fossil fuels major bp to release 3.3 GW of wind energy generation off the coast of New york city and at the same time change South Brooklyn Marine Terminal right into a hub for bringing offshore wind power to land.

East Point Energy will certainly end up being an entirely had subsidiary of Equinor.

The offer marks the Norwegian team's 2nd substantial investment right into battery storage space, after it invested in as well as became 45% owner of UK company Noriker Power, another early-stage designer, late last year.

Virginia-headquartered East Point Energy has only been around because 2018 yet has established and also turned 3 large-scale battery storage projects in the United States Commonwealth of states that it has publicly revealed its participation in.

Its first was a 2MW/8MWh battery energy storage space system (BESS) project offered to non-profit electric distributor Rappahanock Electric Cooperative (REC) in Virginia's Spotsylvania County, which Energy-Storage. news reported in August 2020.

The second was Dry Bridge, a 20MW/80MWh project sold in September last year to utility Dominion Energy via an RfP. East Point Clean Energy's proposition was the only standalone battery project chosen by the utility because purchase. Dominion Energy is mandated by Virginia clean energy policies to release 2,700 MW of energy storage in its service area by 2035.

Energy-Storage. news reported in March that Yadkins, a 100MW/400MWh BESS in Chesapeake, Virginia, had actually been offered by the developer to Aypa Power, a battery storage-focused investment firm in the portfolio of financial investment manager Blackstone.

East Point declares its current pipeline of possibilities is at 4.1 GWh of early to mid-stage projects on the United States East Coast, while its new owner-to-be stated it will certainly be able to optimise the market involvement of battery assets utilizing the energy trading platform it owns, Danske Commodities.

Equinor on the other hand also intends to invest into the programmer to allow it to own and also run energy storage space projects as well as establish and offer them on as it currently does.

East Point Energy's management team is staying on at its workplaces in Charlottesville. The deal is expected to be completed in the 3rd quarter of this year.

Solar Installers, Manufacturers