EQNR - Equinor buys U.S. battery storage developer East Point Energy

Equinor ( NYSE: EQNR ) said Tuesday it agreed to buy privately held U.S.-based battery storage developer East Point Energy for an undisclosed sum, which the company says will support its ambition to become a leader in energy transition.

East Point Energy has a 4.1 GW pipeline of early- to mid-stage battery storage projects focused on the U.S. east coast, and additional growth beyond the current pipeline has been identified, Equinor ( EQNR ) said.

"The acquisition of East Point Energy represents Equinor's entry into the U.S. power market through flexible assets," the company said, and will "further unlock the potential we see in the renewables space in the U.S., capturing value from volatility in the power markets and providing reliable services to the grid."

Equinor ( EQNR ) is "very well positioned for high European natural gas prices," and shares are priced at just 2x free cash flow, Michael Wiggins de Oliveira writes in a bullish analysis posted on Seeking Alpha .

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