Global energy tech group Octopus Energy has signed a framework agreement with Masdar to license Octopus’ technology platform Kraken to flexibly manage its battery storage portfolio in the UK.
The agreement was signed between Mohamed Jameel Al Ramahi, chief executive of Masdar (pictured: right), and Greg Jackson, founder and chief executive of Octopus Energy Group (pictured: left), at the UAE Climate Tech Forum.
The move will enable Masdar to optimise and expand its energy trading capabilities in the UK, helping to accelerate the rollout of renewables across the country and supporting the country in achieving its net-zero targets, it said.
This comes closely after Masdar committed to invest £1bn in UK battery storage, following its acquisition of London-based Arlington Energy in October 2022.
By using Kraken, Masdar will be able to control the performance of its batteries in real-time, optimising them for maximum returns.
It will also enable them to store and discharge electrons in the greenest possible way, Masdar added.
Kraken allows for extended analytics, data and real time monitoring for a whole range of distributed energy resources (DERs), including battery storage.
It is currently contracted to manage over 5GW across 38,000 green energy assets in ten countries.
The platform is targeting management of 100,000 devices and 6GW of energy capacity by the end of 2023.
Masdar and Octopus Energy will also assess joint participation possibilities in renewable energy and explore collaborative opportunities in renewable generation.
Al Ramahi said: “Masdar and Octopus Energy share a common commitment to pioneering innovative clean energy solutions that disrupt and transform the energy market, and as we expand our presence in the UK energy sector, through our £1bn investment in battery storage, Kraken will provide us with the flexibility we need to scale our business rapidly.
“Kraken’s experience and expertise in battery storage asset management will help us to maximize the value of our investments and support the UK’s ambitious energy transition goals.”
Jackson added: “Masdar has established itself as one of the leading investors in renewable technologies around the world.
“As they step into batteries in a big way – the acquisition of Arlington and this £1bn announcement – we are delighted to partner with them.
“Working together with their infrastructure expertise and Kraken’s world-leading technology, we can make a real difference – driving cleaner, cheaper and more secure energy at scale.”