Norway’s Equinor ASA has signed a deal to acquire U.S. battery storage developer East Point Energy LLC.

Charlottesville, VA-based East Point has a 4.1 GW pipeline of early to mid-stage battery storage projects focused on the East Coast, and is eyeing additional growth opportunities, Equinor said.

“The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets,” said Equinor’s Olav Kolbeinstveit, senior vice president for power and markets within renewables. “It will enable Equinor to further unlock the potential we see in the renewables space in the US, capturing value from volatility in the power markets and providing reliable services to the grid,” he added.

Equinor cited the vital role of battery storage in...