Energy company Equinor named as new title sponsor of INEOS Grenadiers

The Norwegian energy company Equinor is being mentioned as the new title sponsor of INEOS Grenadiers. Multiple sources have indicated this to WielerFlits. It was already announced earlier that the British team had secured a new main sponsor for the next five years for as much as 20 million euros per year.

Cyclingnews and the Italian sports newspaper La Gazzetta dello Sport reported this morning that INEOS Grenadiers will have a new naming sponsor starting from the Tour de France in Barcelona. That report spoke of a large Danish software and IT company. The name Netcompany was subsequently mentioned because this company is capable of paying such an amount and has significant interests in the United Kingdom and Europe.

WielerFlits, however, hears from multiple sources that Equinor would be the party wanting to enter the world of cycling. This is a large international energy company headquartered in Stavanger, primarily involved in oil and gas extraction, but increasingly investing in renewable energy such as wind power and hydrogen. It is one of the largest energy producers in Europe and plays an important role in the continent’s energy supply.

In terms of financial scale, Equinor even ranks among the largest energy companies in the world. For example, in 2023 its revenue was approximately 106 billion dollars. It can easily support a sponsorship project of 20 million euros per year from a financial standpoint.

Moreover, it perfectly fits with the current sponsors INEOS and Total Energies. For instance, Equinor already collaborates with INEOS in industrial and commercial partnerships within the oil, gas, and petrochemical sectors. They work together on projects and infrastructure, especially in the North Sea region. Equinor and TotalEnergies are often partners on major energy projects.

Update 4:36 PM: Official response from Equinor

Equinor informed WielerFlits later in the day that it has not signed a sponsorship agreement with INEOS Grenadiers. It also has no plans to become active as a sponsor in cycling. It has only one sponsorship agreement in cycling, and that is with the Arctic Race in Norway.