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 own part of Noriker?

Equinor acquires a 45% stake in Noriker, with an option to acquire the full company at a later stage. Additionally, Equinor and Noriker agree on a strategic co-operation, granting Equinor the opportunity to directly participate in projects being matured by Noriker.

Will Equinor join Noriker in 2022?

In addition to the equity investment, Equinor are granted he opportunity to directly participate in projects being matured by Noriker. With the deal signed in December 2021, 2022 sees the partnership come to fruition, with a pipeline of new collaborative projects.