Equinor buys energy storage developer in the US

Equinor has agreed to buy a 100 percent stake in the US based battery storage developer East Point Energy.

The privately owned East Point Energy is headquartered in Charlottesville, Virginia and has a 4.1 GW current pipeline of early to mid-stage battery storage projects focused on the US East Coast.

“The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets. It will enable Equinor to further unlock the potential we see in the renewables space in the US, capturing value from volatility in the power markets and providing reliable services to the grid,” says Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor.

The deal is planned to be completed in Q3 2022.

Equinor said in a statement that it sees a strong opportunity to create a profitable business by deploying battery storage assets in selected power markets. This is based on the flexible nature of the assets and Equinor’s advanced trading capabilities through the wholly-owned energy trading house Danske Commodities.

East Point Energy will become a subsidiary of Equinor with its team continuing to develop the business, as well as adding capabilities to own and operate energy storage projects in the near future.

“We look forward to working together with East Point Energy to build a portfolio of battery storage assets in the US. This strengthens and diversifies our existing renewable energy offerings in the US, which includes substantial offshore wind projects Empire Wind and Beacon Wind,” says Siri Espedal Kindem, senior vice president for Equinor Renewables US.

“On behalf of the East Point Energy team, I am excited to welcome Equinor as the new owner. We look forward to a long and successful relationship developing, owning and operating energy storage projects in the US,” says Andrew Foukal, CEO of East Point Energy.