Octopus Energy Group And Masdar Sign Agreement To Develop And Manage UK Battery Storage

Agreement For Clean Energy 

Octopus Energy, a global energy tech group, has entered into a framework agreement with Masdar, a leading clean energy company, to licence its groundbreaking technology platform, Kraken. This agreement was signed at the UAE Climate Tech Forum in the presence of HE Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate.

Masdar plans to utilise Kraken to manage its battery storage portfolio in the UK more efficiently and flexibly. By leveraging Kraken's capabilities, Masdar aims to optimise its energy trading activities, accelerate the adoption of renewables in the UK, and contribute to the country's net-zero targets. This collaboration follows Masdar's recent commitment to invest £1 billion in UK battery storage after acquiring London-based Arlington Energy in 2022.

Kraken's real-time control and optimisation features will enable Masdar to maximise the performance of its batteries while storing and discharging electrons in the most sustainable manner. The platform's low cost, high efficiency, and deep-tech capabilities make it an ideal choice for managing distributed energy resources (DERs) like battery storage. Currently, Kraken is responsible for managing over 5 GW across 38,000 green energy assets in ten countries, with a goal of managing 100,000 devices and 6 GW of energy capacity by the end of 2023.

In addition to their collaboration in battery storage, Masdar and Octopus Energy will explore joint participation opportunities in renewable energy and collaborative ventures in renewable generation. Masdar's investment in UK battery storage aligns with its broader commitment to investing in renewable energy and sustainable technologies worldwide. The company has already invested in significant renewable energy projects in the UK, such as the Dudgeon Offshore Wind Farm and the London Array, which is one of the largest wind farms globally. 

Established in 2006, Masdar has established itself as a clean energy powerhouse in the UAE and operates in over 40 countries globally. With a portfolio of renewable energy projects totaling approximately 20 GW, Masdar continues to drive the transition towards a more sustainable and clean energy future. The partnership with Octopus Energy and the adoption of Kraken will further strengthen Masdar's position in the UK's renewable energy sector and contribute to the country's ambitious climate goals.