Hakon Mosvold Larsen | Afp | Getty Images
Equinor, a serious producer of oil and gasoline, mentioned Tuesday that Charlottesville-headquartered East Point Energy had a 4.1-gigawatt pipeline of “early to mid-stage battery storage tasks targeted on the US East Coast.”
According to Equinor, the transaction is slated for completion within the third quarter of 2022.
“Battery storage will play an necessary position within the energy transition because the world will increase its share of intermittent renewable energy,” Equinor mentioned.
“Battery storage is vital to enabling additional penetration of renewables, can contribute to stabilizing energy markets and enhance the safety of provide,” it added.
In Dec. 2021, the International Energy Agency mentioned the world’s put in storage capability was projected to bounce by 56% over the subsequent 5 years, hitting 270 GW by 2026.
The IEA says funding in battery storage grew by almost 40% in 2020, reaching $5.5 billion.
Formerly referred to as Statoil, Equinor’s chief shareholder is the Norwegian state, which has a 67% holding within the firm.
Its plans to purchase East Point Energy characterize the corporate’s newest foray into the U.S. It already has substantial oil and gasoline operations within the nation and is working on large-scale offshore wind projects.
What’s extra, a current report from the United Nations’ Intergovernmental Panel on Climate Change also weighed in on the subject of fossil fuels.
“Limiting world warming would require main transitions within the energy sector,” the IPCC mentioned in a information launch accompanying its publication.
“This will contain a considerable discount in fossil gas use, widespread electrification, improved energy effectivity, and use of different fuels (reminiscent of hydrogen),” the IPCC mentioned.