Equinor acquires 45 percent stake in battery firm Noriker Power

Norway's Equinor acquired 45 percent of the British battery storage developer Noriker Power with an option to acquire the full company at a later stage.

In addition to the equity investment, both companies have agreed on a strategic cooperation which will grant Equinor the opportunity to directly participate in projects being matured by Noriker.

“Battery storage is going to be a key part of the energy transition as the world increases its share of intermittent renewable power. Large-scale batteries can be charged when there is good access to low-cost electricity and discharged when supply is limited," said Olav Kolbeinstveit, Senior Vice President for power and markets within Renewables at Equinor. "This will enable businesses to establish profitable services around the need to balance markets, stabilise the electricity grid and improve security of supply. The UK’s high degree of renewables make the country an interesting investment case for a battery storage business."

Equinor said that it could complement its existing renewables portfolio in the UK by deploying batteries in proximity to its offshore wind assets. In return they would be able to grant the ability to store electricity when the prices are low and sell it to the grid.

Noriker Power has developed and constructed over 250 MW of battery storage across the UK. Moreover, they have a near term pipeline in excess of 500 MW in battery storage, hybrid energy and stability service projects. 

The investment from Equinor will help Noriker Power to enhance its project development platform, including engineering development, control systems innovation and algorithmic optimisation.