Equinor inks deal for US battery storage firm

Norwegian energy company Equinor ASA (NYSE:EQNR) has agreed to acquire US battery storage developer East Point Energy LLC in a push to strengthen its position in energy transition and broaden its energy offerings in the US.

The financial details of the transaction remained undisclosed.

Charlottesville, Virginia-based East Point Energy has a 4.1GW current pipeline of early to mid-stage battery storage projects focused on the US East Coast. The company was founded in 2018.

“The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets,” said Olav Kolbeinstveit, senior vice president for power and markets within renewables at Equinor, adding that it will also enable the Norwegian firm to further unlock the potential it sees in the renewables space.

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