Although it is associated with renewable resource tasks, Equinor is a significant manufacturer of nonrenewable fuel sources. The Norwegian state has a 67% holding in the business.
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Norway’s Equinor is to get U.S.-based battery storage designer East Point Energy after signing a contract to take a 100% stake in the business.
Equinor, a significant manufacturer of oil and gas, stated Tuesday that Charlottesville- headquartered East Point Energy had a 4.1-gigawatt pipeline of “early to mid-stage battery storage projects focused on the US East Coast.”
According to Equinor, the deal is slated for conclusion in the 3rd quarter of 2022.
“Battery storage will play an important role in the energy transition as the world increases its share of intermittent renewable power,” Equinor stated.
“Battery storage is key to enabling further penetration of renewables, can contribute to stabilizing power markets and improve the security of supply,” it included.
InDec 2021, the International Energy Agency stated the world’s set up storage capability was predicted to leap by 56% over the next 5 years, striking 270 GW by 2026.
According to the IEA, the chief chauffeur of this development is “the increasing need for system flexibility and storage around the world to fully utilise and integrate larger shares of variable renewable energy … into power systems.”
The IEA states financial investment in battery storage grew by almost 40% in 2020, reaching $5.5 billion.
Formerly referred to as Statoil, Equinor’s primary investor is the Norwegian state, which has a 67% holding in the business.
Its prepares to get East Point Energy represent the business’s newest venture into the U.S. It currently has considerable oil and gas operations in the nation and is dealing with massive overseas wind tasks.
In 2021, the IEA stated there must be “no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants.”
What’s more, a current report from the United Nations’ Intergovernmental Panel on Climate Change likewise weighed in on the topic of nonrenewable fuel sources.
“Limiting global warming will require major transitions in the energy sector,” the IPCC stated in a press release accompanying its publication.
“This will involve a substantial reduction in fossil fuel use, widespread electrification, improved energy efficiency, and use of alternative fuels (such as hydrogen),” the IPCC stated.
