Global energy tech group Octopus Energy has signed a framework agreement with Masdar, a leading clean energy company, to license Octopus’ technology platform Kraken.
Masdar will use Kraken to flexibly manage its battery storage portfolio in the UK.
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.
Masdar has committed to invest £1 billion in UK battery storage, following its acquisition of London-based Arlington Energy in October 2022.
Masdar will be using Kraken 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 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.
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.
UAE- based Masdar has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW).
Image caption: Mohamed Jameel Al Ramahi, CEO of Masdar (right) and Greg Jackson, CEO and Founder of Octopus Energy Group (left), HE Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate (centre)