Global energy tech group Octopus Energy announced it has signed a framework agreement with Masdar, one of the world’s leading clean energy companies, to license Octopus’ groundbreaking technology platform Kraken. Masdar will use Kraken to flexibly manage its battery storage portfolio in the UK.
In the presence of HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate, the agreement was signed between Mohamed Jameel Al Ramahi, CEO of Masdar, and Greg Jackson, Founder and CEO of Octopus Energy Group, at the UAE Climate Tech Forum.
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.
This comes closely after Masdar committed to invest £1 billion 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, optimizing them for maximum returns. It will also enable them to store and discharge electrons in the greenest possible way.
Masdar 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. It is currently contracted to manage over 5 GW across 38,000 green energy assets in ten countries. The platform is targeting the 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, “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 £1 billion 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.”
Greg Jackson, Founder and CEO of Octopus Energy Group commented on the announcement, “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.
Established in 2006, Masdar is the UAE’s clean energy powerhouse, 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 gigawatts (GW).