Equinor Acquires Energy Storage Developer East Point Energy

Equinor, a renewable energy company, signed an agreement to acquire a 100% stake in East Point Energy, a battery storage developer in the US. The transaction agreements were signed on 09 July, and the transaction is expected to get completed in Q3 2022.

“The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets. It will enable Equinor to unlock further 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,” said Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor.

East Point Energy, based in Charlottesville, Virginia, currently has 4.1 GW of current pipeline of early to mid-stage battery storage projects on the US East Coast.

The acquisition of East Point Energy is another step in this direction, following the 2021 investment in Noriker Power Limited, a battery storage developer in the United Kingdom.

The acquisition also further diversifies Equinor’s energy offerings in the US. Flexible battery storage will complement Equinor’s offshore wind portfolio, upstream oil and gas, and growth opportunities in the hydrogen and CCS space.

Recently, Investment funds managed by Swiss Life Asset Managers acquired a 50% stake in BCP Battery, a large-scale electrical battery platform in Germany. Swiss Life Asset Managers, on behalf of two infrastructure funds, acquired a 68 MWh electrical battery project in Germany through the acquisition. The transaction is made alongside B Capital Partners, a Zurich-based asset manager.

According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, there were five M&A transactions involving Battery Storage companies in Q1 2022. In Q4 2021, there were nine M&A transactions. Year-over-year, there were four Battery Storage M&A transactions in Q1 2021.