Business

Oil Giant Equinor Buys US Battery Storage Company

Norwegian oil giant Equinor plans to buy a US company specializing in battery storage

Norway’s Equinor is considering buying US battery storage development company East Point Energy after signing an agreement to acquire a 100% stake in it.

Equinor, one of the major oil and gas producers, reported that East Point Energy owns a series of early and mid-stage battery storage projects focused on feeding the US East Coast region with a capacity of 4.1 gigawatts, and according to Equinor, the deal is expected to close in the third quarter of the year. current.

The International Energy Agency (IEA) stated in December of 2021 that global energy storage capacity will increase by 56% over the next five years to reach 270 GW by 2026, adding that the main driver for this growth is “the growing need for flexibility of systems and inventory around the world to use and integrate volumes.” Renewable energy is fully integrated into the power supply system.” IEA’s investment in battery storage has grown by 40% in 2020 to $5.5 billion.

The Norwegian government is the largest shareholder in Equinor, formerly Statoil, with a holding stake of 67%, and it aims to expand its diversified business in the US market through its acquisition of East Point Energy, knowing that it owns oil and gas businesses in the country and is working on large projects to benefit from wind energy as well.

In 2021, the IEA stated that “there should be no new investments in fossil fuel supply projects”. Read more [France Turns to Oil After Boycotting Russia].

Related Articles

Back to top button