Is Equinor acquiring Noriker Power Limited?

Equinor has signed an agreement with Noriker Power Limited, a leading battery storage developer in the United Kingdom focusing on the engineering and project development of utility scale storage and stability services. The agreement includes the acquisition of a 45% stake in Noriker, with an option to acquire the full company at a later stage.

What is Noriker Power?

Noriker Power, headquartered in Gloucester, UK, is a company that has developed and constructed over 250 MW of battery storage across the UK and has a near term pipeline in excess of 500 MW in battery storage, hybrid energy, and stability service projects.

What does Equinor do with Noriker?

Equinor and Noriker enter a development co-operation agreement. The agreement includes the acquisition of a 45% stake in Noriker by Equinor, with an option to acquire the full company at a later stage. In addition to the equity investment, Equinor are granted he opportunity to directly participate in projects being matured by Noriker.

Does Equinor have a stake in Noriker?

The agreement includes the acquisition of a 45% stake in Noriker, with an option to acquire the full company at a later stage. In addition to the equity investment, Equinor and Noriker have agreed on a strategic cooperation which will grant Equinor the opportunity to directly participate in projects being matured by Noriker.

Why did Noriker build a longer duration pure battery facility?

In March 2019, Noriker commissioned a longer duration pure battery facility located in the heart of the West Midlands. The project design was responding to changing market conditions that envisaged a greater role in Asset Optimisation and the Balancing Mechanism, partly due to a fall in DFFR prices.