Equinor buys US battery storage developer East Point Energy

Norwegian energy company to use flexible storage to boost returns from its renewables portfolio

Norwegian state-owned energy company Equinor has entered the US battery storage sector with an agreement to purchase Virginia-based developer East Point Energy. The privately owned developer has a project pipeline of 4.1GW, focused on the US east coast, and has identified further potential growth. The deal with Equinor, the financials of which have not been made public, is expected to close in the third quarter of this year. Equinor sees investment in flexible battery storage as a way to boost the returns of and to lower the risks in its renewables portfolio by providing balancing services to grids and by trading power through its Danske Commodities trading arm. Equinor is one of the largest