COP26: Octopus Energy and Elia Group join forces to build a cutting edge smart green energy grid
- Octopus Energy Group’s KrakenFlex and Elia Group agree deal at COP26 to speed up Europe’s green energy transition
- Partnership will enable a green grid based on renewable energy generation
- Customers at the heart of the system will use electric cars, heat pumps and home batteries to help control demand on the grid
Glasgow, 3 November 2021 - Octopus Energy Group’s Kraken Technologies and Belgian energy innovator Elia Group have signed a deal at COP26 to help Belgium and Germany transition to a smart green grid.
The partnership will allow energy system operators to use Octopus Energy’s flexibility platform, KrakenFlex, and Elia Group’s energy data affiliate, re.alto, to use green technologies such as electric vehicles (EVs) and heat pumps to balance the grid and support the shift to a renewable energy system.
Customers will be given the freedom to use their appliances and adjust their consumption patterns to benefit from cheaper renewable energy on the grid when it is abundant, while grid operators will be able to better balance supply and demand without disruption to end consumers.
Changing customer’s energy use around peak times is essential to the future of the grid system. By managing demand flexibly through smart technologies such as electric cars, heat pumps and home batteries, grid operators can better balance the supply of renewable energy.
Consumers who take part will also benefit from real-time energy data from KrakenFlex and re.alto’s API, allowing them to optimise the use of their electric household appliances in line with grid supply and demand. The central management of this data will be provided by KrakenFlex and re.alto.
Greg Jackson, CEO and founder of Octopus Energy Group, comments:
“We’re delighted to announce this partnership with Elia Group at COP26, which has proven itself as a unique opportunity for business leaders around the world to come together to work towards a renewable future.
“This partnership is unlocking world leading entech innovation, enabling millions of customers to use abundant, cheap green energy to power their appliances and drive down their energy bills, all while helping balance the grid during intermittent energy production. It’s a win-win for everybody.”
Chris Peeters, CEO of Elia Group, comments:
“Elia Group and Octopus Energy Group are aligned in terms of our strong interest in customer-oriented solutions and have complementary knowledge and experience, making this collaboration an extremely interesting one.
“We both want the electricity system to adapt to the new reality of micro-flexibility offered by end consumers, which can only be achieved through the provision of solutions that meet new consumer needs associated with electric vehicles and heat pumps. We will learn a lot from each other, applying our joint expertise to place consumers at the centre of the clean energy transition. ”
KrakenFlex, previously Upside Energy, was founded in 2014 and acquired by Octopus Energy Group in 2020. Part of the Kraken technology platform, Kraken Flex connects with a whole host of clean energy technologies, allowing it to manage those devices to match real-time energy demand and supply. This helps to balance the grid and enables customers to capitalize on cheaper, greener power.
re.alto was founded in 2019 by Elia Group. It is the first European digital marketplace for energy data and services that enables the exchange of energy data through an innovative API platform (which is the first of its kind in the energy industry).
Octopus Energy Group also recently announced a major investment from Generation Investment Management, a company chaired and co-founded by Al Gore, to expand their mission and the Kraken platform globally, in a deal that valued the UK entech pioneer at $4.6 billion.
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About Octopus Energy Group
Octopus Energy Group was launched in 2016 with a vision of using technology to make the green energy revolution affordable whilst transforming customer experiences. It is part of Octopus Group, which is a certified BCorp. Octopus’s domestic energy arm already serves 3.1 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy.
Octopus Energy Generation is Europe’s largest investor in solar energy, managing a £3.4bn portfolio of renewable energy assets throughout the continent.
In September 2021, Octopus Energy Group was valued at $4.6 billion after taking $600 million investment from Generation Investment Management, co-founded and chaired by Al Gore, closing its third major investment round since launching to the market. With operations in the US, Japan, Germany, Spain, New Zealand and Australia, Octopus Energy Group's mission to drive the affordable green revolution is going global.
About Elia Group
Elia Group is a key player in electricity transmission. We ensure that production and consumption are balanced around the clock, supplying 30 million end users with electricity. Through our subsidiaries in Belgium (Elia) and north and east Germany (50Hertz), we operate 19,276 km of high-voltage connections, meaning that we are one of Europe’s top 5 transmission system operators. With a reliability level of 99.99%, we provide society with a robust power grid, which is important for socioeconomic prosperity. We also aspire to be a catalyst for a successful energy transition, helping to establish a reliable, sustainable and affordable energy system.
By expanding international high-voltage connections and incorporating ever-increasing amounts of renewable energy into our grid, we are promoting both the integration of the European energy market and the decarbonisation of society. We also continuously optimise our operational systems and develop market products so that new technologies and market parties can access our grid, thus further facilitating the energy transition.
In addition to the above, we provide consulting services to international customers through our third subsidiary, Elia Grid International (EGI). Elia is also part of the Nemo Link consortium, which operates the first subsea electrical interconnector between Belgium and the UK.
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