United Kingdom – Equinor has entered into an agreement with Noriker Power Limited, a leading battery storage developer in the United Kingdom focusing on utility scale storage and stability services engineering and project development.
The agreement calls for the purchase of a 45 percent stake in Noriker, with the option to purchase the entire company at a later date. In addition to the equity investment, Equinor and Noriker have agreed on a strategic collaboration that will allow Equinor to directly participate in Noriker’s projects as they mature.
Equinor sees a solid opportunity to build profitable businesses by deploying batteries and storage assets to meet the growing demand for power market stability. Furthermore, Equinor could supplement its existing renewables portfolio in the UK by deploying batteries near its offshore wind assets to boost returns.
This would allow it to store electricity when prices are low and sell it to the grid later when prices are higher, increasing the returns on its renewable projects.
Noriker Power, based in Gloucester, has developed and built over 250 MW of battery storage across the UK and has a near-term pipeline of over 500 MW in battery storage, hybrid energy, and stability service projects. Noriker plans to use the Equinor investment to improve its project development platform, which includes engineering development, control system innovation, and algorithmic optimisation.
Equinor will purchase the shares currently held by another investor, Gresham House Plc and Gresham House Energy Storage Fund Plc, as part of the agreement (together owning 15 percent of Noriker).
