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    Norwegian energy firm acquires U.S. Battery Storage developer

    July 14, 2022
    East Point Energy’s 4.1 GW project pipeline comprises early- to mid-stage battery storage projects on the U.S. East Coast. The projects will boost Equinor’s returns on its renewable portfolio
    Image credit East Point Energy
    East Point Energy 62d010fa3f605

    Energy firm Equinor has signed a deal to acquire a 100% stake in U.S. battery storage firm East Point Energy, in alignment with its goal of becoming a leading firm in the energy transition space.

    The transaction is expected to complete in the third quarter.

    “We look forward to working together with East Point Energy to build a portfolio of battery storage assets in the US. This strengthens and diversifies our existing renewable energy offerings in the US, which includes substantial offshore wind projects Empire Wind and Beacon Wind,” says Siri Espedal Kindem, senior vice president for Equinor Renewables US.

    East Point Energy’s 4.1 GW project pipeline comprises early- to mid-stage battery storage projects on the U.S. East Coast. The projects will boost Equinor’s returns on its renewable portfolio and lower portfolio risk.

    “The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets. It will enable Equinor to further unlock the potential we see in the renewables space in the US, capturing value from volatility in the power markets and providing reliable services to the grid,” says Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor.

    The acquisition will complement Equinor’s portfolio of offshore wind, upstream oil and gas, hydrogen and CCS. Battery storage is the key to stabilizing the grid when renewable energies are intermittent and should improve security of supply, according to the plan.

    Norway’s Equinor has been making investments in the U.S. renewable energy landscape for several years. The company and bp, once known as British Petroleum, are partnering to transform the South Brooklyn Marine Terminal (SBMT) complex in New York into a world-class offshore wind port, capable of staging and assembling offshore wind technology components for the Empire Wind and Beacon Wind projects and for the offshore industry on the East Coast.

    An operations and maintenance hub and staging area will be created under this project, which will require an investment of $200 million to $250 million. The Empire Wind and Beacon Wind projects, once completed and operational, will supply 3.3 GW of energy, which will be sufficient to power nearly 2 million homes in New York.

    About the Author

    EnergyTech Staff

    Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

    Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    He can be reached at [email protected]. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.