Equinor Plans Battery Investment
Norway’s state oil and gas major Equinor plans to join a battery technology investment fund worth US$180 million as part of a diversification strategy focused on renewable energy and storage. The fund Equinor has chosen for its investment, Volta Energy Technologies, has a marked focus on energy storage, investing in various technology businesses related to this segment in the industry. Equinor, which used to be called Statoil, last year announced a rebranding program that centred on a change of name to reflect its ambitions to be perceived as a broader energy company rather than one focused solely on oil and gas. The rebranding was also part of its diversification drive. Equinor’s push into business areas different from its core oil and gas business reflects a government-level push for more renewables. Earlier this month, the Norwegian government approved a proposal by the country’s sovereign wealth fund to divest from pure-play oil and gas producers to reduce its exposure to oil and gas price volatility.
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