Equinor enters UK battery storage market

Norwegian company agrees to buy stake in battery developer as UK’s renewables expansion increases need for storage

Norwegian state-owned energy company Equinor has agreed to buy a 45pc stake in UK-based battery storage developer Noriker Power, with an option to buy the entire company at a later stage. In addition to the equity investment, the firms have agreed to allow Equinor to directly participate in projects being developed by Noriker. Equinor says it sees the move as an opportunity to create a profitable businesses by deploying batteries and storage assets to meet the growing need to stabilise power markets as the share of intermittent renewables in the UK grows. The UK’s high degree of renewables make the country an interesting investment case for a battery storage business ” Kolbeinstveit, E