Equinor buys 45% stake in Noriker Power
Equinor has signed an agreement with Noriker Power Limited, a leading battery storage developer in the United Kingdom focusing on the engineering and project development of utility scale storage and stability services. The agreement includes the acquisition of a 45% stake in Noriker, with an option to acquire the full company at a later stage.
In addition to the equity investment, Equinor and Noriker have agreed on a strategic cooperation which will grant Equinor the opportunity to directly participate in projects being matured by Noriker.
Equinor sees a solid opportunity to create profitable businesses by deploying batteries and storage assets to satisfy the growing need to stabilise power markets. In addition, Equinor could complement its existing renewables portfolio in the UK by deploying batteries in proximity of its offshore wind assets to enhance returns.
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