Offshore wind developer Equinor will purchase storage developer East Point Energy, the companies announced Wednesday. Financial details were not released. The deal is expected to close in the third quarter.
Virginia-based East Point Energy has about 4.1 GW of early- to mid-stage battery storage projects in the works, and “additional growth potential beyond the current pipeline has been identified,” Equinor said in a statement.
Equinor sees “attractive investment opportunities” to deploy flexible resources through what will be its new subsidiary, the company said. East Point Energy has been expanding since its start in 2018, and the company said it expects its acquisition by Equinor to accelerate that growth.
“When we set out to find a capital partner, first and foremost, we were looking for a strategic and cultural fit,” East Point Energy CEO Andrew Foukal said in a statement. “The Equinor team understands our business and the critical importance of energy storage.”
Battery storage capacity in the United States more than tripled last year, though experts say prices are rising amid supply chain constraints and inflation.
Norway-based Equinor is primarily an offshore wind developer, but officials said the deal allows it to broaden its energy offerings and “build a portfolio of battery storage assets in the U.S.”
