UK based energy tech group Octopus Energy has inked a deal with UAE’s flagship renewable energy firm Masdar under which it will license Octopus’ technology platform Kraken to flexibly manage its battery storage portfolio in the UK.
The move will enable Masdar to optimize 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. Masdar said that it has committed to invest £1 billion in UK battery storage; it also acquired of London-based Arlington Energy recently.
By using Kraken, Masdar will be able to control the performance of its batteries in real-time, optimizing them for maximum returns. It will also enable them to store and discharge electrons in the greenest possible way.
Masdar said that it chose the deep-tech platform for its demonstrated benefits of low cost, maximum efficiency and its ability to enable a smarter energy system. Kraken allows for extended analytics, data and real time monitoring for a whole range of distributed energy resources (DERs), including battery storage.
Kraken is currently contracted to manage over 5 GW across 38,000 green energy assets in ten countries. The platform is targeting management of 100,000 devices and 6 GW 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.
Mohamed Jameel Al Ramahi, CEO of Masdar, said, “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.”
Greg Jackson, CEO, Octopus Energy Group, commented, “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.”
Masdar has already invested in a number of renewable energy projects in the UK, including the 402 MW Dudgeon Offshore Wind Farm off the coast of Norfolk, and the 630 MW London Array, one of the world’s largest wind farms. The company is currently active in over 40 countries across the globe, and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 – GW.
