Norway’s Petroleum refining company, Equinor, recently acquired U.S.-based battery storage firm East Point Energy, obtaining 100% of the company’s stake. The transaction is scheduled to be completed during the third quarter of 2022, CNBC reported.
“Limiting global warming will require major transitions in the energy sector,” the IPCC said in a news 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 Charlottesville-headquartered East Point Energy recently reported a 4.1-gigawatt pipeline of “early to mid-stage battery storage projects focused on the U.S. East Coast.”
“Battery storage will play an important role in the energy transition as the world increases its share of intermittent renewable power,” Equinor said.
In December of 2021, the International Energy Agency confirmed its projection to increase by 56% over the next five years, estimated to reach 270 GW by 2026.
According to the IEA, battery storage increased by 40% in 2020, surpassing $5.5 billion. Formerly known as Statoil, Equinor’s chief shareholder is the Norwegian state, which has a 67% holding in the company.
In 2021, the IEA assured that there should be “no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants.” Concerns about fossil fuels were also brought up.