Equinor takes stake in U.K. battery producer Noriker

Dec. 06, 2021 6:34 AM ETEquinor ASA (EQNR)By: Carl Surran, SA News Editor

Equinor (NYSE:EQNR) says it bought a 45% stake in U.K. battery storage developer Noriker Power with an option to acquire the full company; financial terms are not disclosed.
Noriker has developed and constructed more than 250 MW of battery storage across the U.K. and has a near term pipeline in excess of 500 MW in battery storage, hybrid energy and stability service projects.
Equinor says it sees opportunities to deploy batteries and storage assets to satisfy the growing need to stabilize power markets, and could complement its existing U.K. renewables portfolio by deploying batteries near its offshore wind assets to enhance returns.
Equinor and partners including Panasonic recently canceled plans to establish a battery business in Norway without explanation.