Equinor buys into battery company

The Norwegian oil giant has purchased a 45 percent interest in a British battery company focused on grid storage.

Photo: PR Noriker Power Ltd.

UK-based Noriker Power and Equinor have entered an agreement concerning project development of utility-scale battery storage. At the same time, Equinor acquires 45 percent of the British company, with the deal giving the Norwegian group the option to take over full interest at a later point.

According to a press statement, Equinor sees big opportunity in utility-scale battery storage used to, in part, stabilize electricity markets – but also to complement the Norwegian oil outfit's renewable energy projects in the UK.

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