The Norwegian oil and gas giant Equinor is proceeding with the acquisition of the American company producing energy storage batteries East Point Energy.
The Norwegian giant has signed an agreement to acquire 100% of the American company, which is developing and developing “early to mid-stage battery storage projects on the US East Coast” with a capacity of 4.1 gigawatts.
According to Equinor, the transaction is expected to close in the third quarter of 2022.
“Battery energy storage will play an important role in the energy transition as the world increases its share of intermittent renewable energy,” said Equinor.
“Battery energy storage is the key to the further penetration of renewable energy sources, it can help stabilize electricity markets and improve security of supply,” added the Norwegian giant.
In December 2021, the International Energy Agency stated that global installed storage capacity is projected to grow by 56% over the next five years, reaching 270 gigawatts by 2026.
Source: Capital
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