East Point Energy (East Point), a developer of grid-scale energy storage projects, signed an agreement to sell its company to Norwegian integrated oil and gas major, Equinor.
Led by CEO Andrew Foukal, the founders will continue to manage East Point as a wholly owned subsidiary of Equinor. East Point believes that the financial strength and renewable energy expertise of Equinor will enable East Point to accelerate its growth, build out its 4-GW pipeline of projects across the United States, and transition the company into an independent power producer.
With long-term backing from Equinor, East Point can pursue the US energy storage market. “The Equinor team understands our business and the critical importance of energy storage. They have established a significant presence in the United States and are dedicated to long-term growth. This is a great opportunity for both teams, as well as our project partners going forward,” said Andrew Foukal, CEO of East Point.
Equinor is one of the largest offshore wind developers in the United States. The acquisition provides Equinor a platform for broadening its energy offerings in the United States. “We look forward to working together with East Point Energy to build a portfolio of battery storage assets in the United States. This strengthens and diversifies our existing renewable energy offerings in the United States, which includes substantial offshore wind projects Empire Wind and Beacon Wind,” says Siri Espedal Kindem, senior vice president for Equinor Renewables US.
Marathon Capital, an independent investment bank delivering strategic financial advice to the clean energy, sustainable technologies, and infrastructure markets, acted as exclusive financial advisor to East Point on the transaction.