Equinor has entered into an agreement to fully acquire US-based energy storage company East Point Energy LLC.
It appears from Equinor’s letter on Tuesday.
The acquisition supports Equinor’s ambition to be a leader in the energy transition, and provides the company with a platform to expand its energy offerings in the United States, it is reported.
The privately owned East Point Energy is headquartered in Charlottesville, Virginia, and currently has a total portfolio of 4.1 gigawatts of early and medium maturity battery projects, with the bulk of the projects located on the east coast of the United States. Additional growth potential beyond the existing portfolio has also been identified.
With the acquisition of East Point Energy, Equinor is taking a step into the US energy market with energy storage. This will enable us to realize more of the opportunities we see in renewable energy in the USA, create value from volatility in energy markets, and provide reliable services while increasing stability to the power grid,” says Olaf Kolbeinstveit, Director of Energy and Markets in Renewable Energy at Equinor.
Equinor believes that batteries and electricity storage can provide lucrative opportunities in selected energy markets. This builds on the opportunities this provides for flexibility as well as the trading of energy and services through Danske Commodities, which is wholly owned by Equinor, it is reported.
We look forward to working with East Point Energy to build a range of battery parks in the United States. This enhances and expands our existing renewable offerings in the USA, which include the extensive offshore wind projects Empire Wind and Beacon Wind, says Siri Espedal Kindem, Director of Equinor Renewables US.
Deal agreements were concluded on July 9 and the transaction is scheduled to be completed in the third quarter of 2022.
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