Though it’s concerned in renewable vitality tasks, Equinor is a significant producer of fossil fuels. The Norwegian state has a 67% holding within the firm.
Hakon Mosvold Larsen | Afp | Getty Photographs
Norway’s Equinor is to accumulate U.S.-based battery storage developer East Level Power after signing an settlement to take a 100% stake within the firm.
Equinor, a significant producer of oil and gasoline, stated Tuesday that Charlottesville-headquartered East Level Power had a 4.1-gigawatt pipeline of “early to mid-stage battery storage tasks targeted on the US East Coast.”
Based on Equinor, the transaction is slated for completion within the third quarter of 2022.
“Battery storage will play an essential function within the vitality transition because the world will increase its share of intermittent renewable energy,” Equinor stated.
“Battery storage is essential to enabling additional penetration of renewables, can contribute to stabilizing energy markets and enhance the safety of provide,” it added.
In Dec. 2021, the Worldwide Power Company stated the world’s put in storage capability was projected to leap by 56% over the following 5 years, hitting 270 GW by 2026.
Based on the IEA, the chief driver of this progress is “the growing want for system flexibility and storage all over the world to completely utilise and combine bigger shares of variable renewable vitality … into energy methods.”
The IEA says funding in battery storage grew by practically 40% in 2020, reaching $5.5 billion.
Previously referred to as Statoil, Equinor’s chief shareholder is the Norwegian state, which has a 67% holding within the firm.
Its plans to accumulate East Level Power signify the corporate’s newest foray into the U.S. It already has substantial oil and gasoline operations within the nation and is engaged on large-scale offshore wind tasks.
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In 2021, the IEA stated there ought to be “no funding in new fossil gasoline provide tasks, and no additional remaining funding selections for brand new unabated coal vegetation.”
What’s extra, a current report from the United Nations’ Intergovernmental Panel on Local weather Change additionally weighed in with regards to fossil fuels.
“Limiting world warming would require main transitions within the vitality sector,” the IPCC stated in a information launch accompanying its publication.
“This may contain a considerable discount in fossil gasoline use, widespread electrification, improved vitality effectivity, and use of other fuels (resembling hydrogen),” the IPCC stated.
This text was initially revealed by cnbc.com. Learn the authentic article right here.
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