Octopus Energy, Masdar ink deal to manage battery storage in UK

Global energy tech group Octopus Energy has signed a framework agreement with Masdar to license Octopus’ technology platform, Kraken. Masdar will use the platform to flexibly manage its battery storage portfolio in the UK.

Through this agreement, Masdar will optimise and expand its energy trading capabilities in the UK to help accelerate the rollout of renewables across the country.

This comes closely after the Abu-Dhabi-based clean energy company committed to investing £1bn in UK battery storage, following its acquisition of London-based Arlington Energy in October 2022.

#Masdar has signed a framework agreement to license the groundbreaking Kraken technology platform from global energy tech group Octopus Energy @OctopusEnergy. Masdar will use Kraken to flexibly manage its battery storage portfolio in the UK. pic.twitter.com/khtatXUDPb

— Masdar (@Masdar) May 10, 2023

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.

Kraken allows for extended analytics, data and real-time monitoring for a whole range of distributed energy resources, including battery storage.

It is currently contracted to manage over 5GW across 38,000 green energy assets in 10 countries. The platform is targeting the management of 100,000 devices and 6GW of energy capacity by the end of 2023.

Masdar and Octopus Energy to explore collaborative opportunities

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: “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 maximise the value of our investments and support the UK’s ambitious energy transition goals.”

Greg Jackson, founder and CEO of Octopus Energy Group, said: “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.”

The investment in UK battery storage is part of Masdar’s wider commitment to investing in renewable energy and sustainable technologies around the world.

The company 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.