Norwegian oil giant Equinor has signed an agreement to acquire East Point Energy, a Charlottesville, Virginia-based energy storage provider. East Point Energy currently plans to deploy about 4.1GW of battery storage projects.
The battery storage system is a key element of Equinor's strategy to support its offshore wind, upstream oil and gas portfolio, and future opportunities in hydrogen and renewable energy. In 2021, Equinor invested in British battery energy storage developer Noriker Power Ltd. Equinor sees these acquisitions as key to improving returns on renewable energy portfolios while reducing portfolio risk.
East Point Energy will become an Equinor subsidiary, and its team will continue to grow the energy storage business and add capacity to own and operate energy storage projects in the near future.
