Equinor to acquire Noriker Power from Gresham House.

Equinor, an energy company, agreed to acquire Noriker Power, a battery storage developer, from Gresham House, a specialist alternative asset manager. Financial terms are not disclosed. “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. 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,” says Olav Kolbeinstveit, Equinor Senior Vice President for power and markets.