12 Jul East point energy acquired by equinor
Charlottesville, VA | July 12, 2022 – East Point Energy, (“East Point” or the “Company”), an experienced developer of grid-scale energy storage projects, is pleased to announce it has signed an agreement to sell the Company to Equinor, a leading company in the energy transition.
Led by CEO Andrew Foukal, the founders will continue to manage East Point as a wholly-owned subsidiary of Equinor. The financial strength and renewable energy expertise of Equinor will enable East Point to accelerate its growth, build out its 4+ gigawatts (GW) pipeline of strategically-sited projects across the U.S., and transition the Company into a market-leading independent power producer.
Founded in 2018 by an executive team with deep experience in the U.S. renewable energy sector, East Point has established a proven track record of growth while executing on its founding mission to make the electrical grid more renewable, resilient, and affordable. With long-term backing from Equinor, a global leader in the energy transition, East Point is poised to pursue at scale the burgeoning U.S. energy storage market opportunity. The talented team at East Point will continue to employ a fundamentals-based development philosophy and foster a collaborative and purpose-driven culture.
“When we set out to find a capital partner, first and foremost, we were looking for a strategic and cultural fit,” says Andrew Foukal, CEO of East Point. “The Equinor team understands our business and the critical importance of energy storage. They have established a significant presence in the U.S. and are dedicated to long-term growth. This is a great opportunity for both teams, as well as our project partners going forward.”
Equinor is one of the largest offshore wind developers in the U.S. The acquisition supports Equinor’s ambition to be a leading company in the energy transition and provides a platform for broadening its energy offerings in the U.S.
“We look forward to working together with East Point Energy to build a portfolio of battery storage assets in the U.S. This strengthens and diversifies our existing renewable energy offerings in the U.S., which includes substantial offshore wind projects Empire Wind and Beacon Wind,” says Siri Espedal Kindem, senior vice president for Equinor Renewables US.
Marathon Capital, an independent investment bank delivering strategic financial advice to the clean energy, sustainable technologies, and infrastructure markets, acted as exclusive financial advisor to East Point on the transaction.
“It was an absolute pleasure working with the East Point team, and we are delighted to have assisted them on their journey to be one of the most significant standalone battery storage platforms in the U.S. In Equinor, East Point has found not only a great cultural fit, but also the full backing and know-how of a world-class energy company,” says Ammad Faisal, Senior Managing Director and Co-Head of the NYC office at Marathon Capital.
About East Point Energy
East Point Energy develops standalone, grid-scale energy storage projects that enable a more renewable, resilient, and affordable electric grid. East Point is currently developing gigawatts of energy storage projects throughout the country and has transacted on several hundred megawatts with some of the largest, most sophisticated energy investors in the country.
The firm’s executive team founded East Point in 2018, bringing decades of combined energy development experience and over 1.8 gigawatts of solar, wind, and energy storage projects currently in operation across the United States.
East Point is technology and contractor agnostic, allowing us to find the best solution for each project. Our nimble team is comprised of hard-working, strategic problem solvers who are passionate about sustainability. Success for East Point is measured by delivering affordable energy storage solutions that benefit the grid, communities, and our environment. www.eastpointenergy.com
About Equinor Renewables US
Equinor is one of the largest offshore wind developers in the U.S., where it operates two lease areas, Empire Wind and Beacon Wind. Together, Empire Wind 1, Empire Wind 2, and Beacon Wind 1 will provide New York State with 3.3 gigawatts (GWs) of energy —enough to power nearly two million homes—including more than 2 GWs from Empire Wind 1 and 2 and 1,230 megawatts from Beacon Wind 1. www.equinor.com/where-we-are/us-renewables
About Marathon Capital
Over its more than two-decade history, Marathon Capital has emerged as the world’s largest independent advisory bank serving the global sustainable energy, technology, and infrastructure markets. The firm is known as a key thought leader in global energy transition and is consistently viewed as the most innovative bank across clean energy with strong, established relationships among both strategic and financial institutional investors located throughout the United States, Canada, Latin America, Europe, Middle East, Asia, and Australia. Marathon Capital is a leading Clean Energy Advisor as ranked by Bloomberg LP in its annual New Energy Finance League Tables from 2019 – 2021 and has been a multi-year winner of M&A Advisor of the Year by Power, Finance & Risk Magazine. Marathon Capital operates from its global headquarters in Chicago, IL, and offices in New York, Houston, San Francisco, and London, as well as representative offices in Canada and Brazil. www.marathoncapital.com
SOURCE: East Point Energy
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