Date: Mar 27, 2019

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, Fortune reports.

Energy storage is drawing increasing attention in the industry as it is widely considered the factor that could guarantee the mainstream future of wind and solar power generation facilities, solving what is perhaps their biggest problem: intermittence.

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 centered 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.

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