Noriker Power Ltd, a leader in Battery Energy Storage Systems (BESS) development and operation, announces a strategic restructuring to focus on delivery and operational services for BESS projects.
As part of the restructure, a management buyout of Equinor New Energy Ltd's minority stake will create a group independent of any single corporate sponsor.
"This transaction is an important step in focusing our resources and effort on the growth opportunities in renewable energy technology, our portfolio of business services, and innovations in this rapidly evolving sector", said Dr Marc Thomas, Managing Director of Noriker.
Under an asset split agreement, Equinor takes full ownership of a Noriker-developed pipeline totalling 1.8 GW of large-scale projects in the UK battery storage market, while Noriker will continue to develop an internal 2.2 GW pipeline of large-scale UK and Irish BESS projects. Equinor acquired 45% ownership in Noriker Power in December 2021. The asset split agreement was closed on 9th April 2025.