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Octopus Energy, the global energy technology group, announced today that it has signed a framework agreement with Masdar, one of the world’s leading clean energy companies, to license Octopus’ breakthrough technology platform, Kraken.
Masdar will use Kraken to flexibly manage its battery storage portfolio in the UK, a statement said.
Masdar CEO Mohamed Jameel Al Ramahi and Octopus Energy Group at the UAE Climate Technology Forum in the presence of Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and Chairman-designate of COP28.
The move will enable Masdar to optimize and expand its energy trading capabilities in the UK, helping to accelerate the rollout of renewable energy in the UK and supporting the country’s goal of achieving net zero emissions.
It will be followed by Masdar’s commitment to invest £1bn in UK battery storage following the 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 return. It will also allow them to store and release electrons in the most environmentally friendly way possible.
Masdar chose the deep technology platform because it demonstrated the advantages of low cost, highest efficiency and the ability to enable smarter energy systems. Kraken allows for scalable analytics, data, and real-time monitoring of the entire range of distributed energy resources (DERs), including battery storage. It is currently contracted to manage over 5 GW of 38,000 green energy assets across 10 countries. The platform aims to manage 100,000 devices and 6 GW of energy capacity by the end of 2023.
Masdar and Octopus Energy will also evaluate the possibility of joint participation in renewable energy and explore opportunities for collaboration in the field of renewable energy generation.
Mohamed Jameel Al Ramahi, Chief Executive of Masdar, said: “Masdar and Octopus Energy are jointly committed to pioneering innovative clean energy solutions to disrupt and transform the energy market, as we expand our presence in the UK energy sector through our £1 , a billion dollar battery storage investment, Kraken will provide us with the flexibility we need to rapidly scale our business. Kraken’s experience and expertise in battery storage asset management will help us maximize the value of our investment and support the UK’s ambitious energy transition goals.”
Commenting on the announcement, Greg Jackson, Founder and CEO of Octopus Energy Group said: “Masdar has become one of the world’s leading investors in renewable technology. A £1 billion announcement – we’re delighted to be working with them. Together with their infrastructure expertise and Kraken’s world-leading technology, we can make a real difference – driving cleaner, cheaper and safer energy.”
The investment in UK battery storage is part of Masdar’s wider commitment to investing in renewable energy and sustainable technology 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 largest wind farms in the world.
Founded in 2006, Masdar is a clean energy powerhouse in the UAE, active in more than 40 countries around the world, and has invested in a series of renewable energy projects with a total installed capacity of approximately 20 gigawatts (GW). –trade arab news agency
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