Equinor Battery Bet

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Equinor is set to acquire a 45% stake in UK battery storage developer Noriker Power, with an option to acquire the entire company in the future. In addition to the equity investment, the Norwegian oil and gas major will participate directly in projects being matured by Noriker, which has over 250 MW of battery storage capacity across the UK. Equinor sees battery storage as an important part of the energy transition to counter the intermittency of renewable power, which is projected to meet a growing share of the world's electricity needs. "Large-scale batteries can be charged when there is good access to low-cost electricity and discharged when supply is limited," said Olav Kolbeinstveit, Equinor’s head of renewables, power and markets. "This will enable businesses to establish profitable services around the need to balance markets, stabilize the electricity grid and improve security of supply," he added. Equinor plans to deploy batteries close to its UK offshore wind assets to boost returns. Noriker has an additional near-term pipeline of over 500 MW of battery storage, hybrid energy and stability service projects.

Corporate Strategy , Electric Vehicles
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