Who is Noriker power?

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

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.

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.

What will Noriker do with Equinor?

Noriker will use the investment from Equinor to enhance its project development platform, including engineering development, control systems innovation and algorithmic optimisation.

Will Equinor buy Noriker shares?

As part of the agreement, Equinor will buy the shares currently held by another investor: Gresham House Plc and Gresham House Energy Storage Fund Plc (together owning 15% of 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.