Hydro REIN and KrakenFlex partner on energy flexibility rollout

• Hydro REIN to use Octopus Energy Group’s KrakenFlex platform to optimise the output of its solar panels and batteries
• New partnership to reduce carbon emissions and cut bills for Hydro REIN’s industrial clients
• First pilot launching in Canada using Tesla battery to decarbonise Norsk Hydro’s extrusion plant

Manchester - 23rd February 2022 - Renewable energy solutions provider Hydro REIN and KrakenFlex, the energy flexibility arm of Octopus Energy Group, have agreed to partner in several projects across Europe and North America to help cut emissions and costs of energy-intensive manufacturers.

The initial pilot will begin in April 2022 and see KrakenFlex optimise the output of Hydro REIN’s 500kW Tesla battery in North York, Ontario. By making better use of the energy stored in the battery, offtaker Norsk Hydro will be able to reduce the energy bills and carbon footprint of its extrusion plant. Future projects will see KrakenFlex and Hydro REIN scope out sites in Germany, Sweden and Spain for similar solutions.

Hydro REIN, part of the global aluminium and renewable energy company Norsk Hydro, aims to help industrial clients move to green and sustainable operations by facilitating access to affordable renewable power. The company also provides industrial-scale, renewable energy based solutions to improve energy efficiency, reduce emissions and cut costs.

The KrakenFlex entech platform, which is part of Octopus Energy Group’s technologies division, enables asset owners, energy traders, energy suppliers and system operators to monitor and manage their solar panels, batteries, and electric cars (so called ‘distributed energy devices’) in real-time. This allows users to optimise the performance of their assets.

KrakenFlex is currently contracted to manage over 1,300 MW across 1,200 green energy assets with a further 2,000 MW of renewable energy to come online in early 2022. The platform is targeting management of 100,000 devices and 6,000 MW of energy capacity by 2023.

Devrim Celal, CEO of KrakenFlex, commented:

“KrakenFlex is on a mission to manage and optimise tens of thousands of energy devices in the next few years to match real-time demand with green electricity, helping to create a truly dynamic, flexible grid.

“Hydro REIN has an impressive array of energy resources and we are delighted to partner with them on this initial project in Canada and a further pipeline of work globally. We need more and more industrial businesses to follow Hydro REIN’s path, using energy flexibility to decarbonise their production in increasingly smart ways.”

Olivier Girardot, Head of Hydro REIN, said:

“We are very pleased to partner up with KrakenFlex, a real trailblazer in the field of energy flexibility. Their asset management platform is the best and most user-friendly technology on the market which allows us to get the most out of our portfolio, maximising its performance and efficiency. We are starting with one project in Canada, but I’m already excited to see how much we’ll save as we ramp up our project pipeline.”

ENDS

Press contact:

Octopus Energy Group / KrakenFlex

Dominic Bellamy

PR Manager

+44 7572900987

dominic.bellamy@octoenergy.com

About KrakenFlex

KrakenFlex, previously Upside Energy, was founded in 2014 and acquired by Octopus Energy Group in 2020. Part of the Kraken technology platform, KrakenFlex Currently controls over 1,300 MW of controllable energy with further 2GWs of renewable energy to come online in 2022. The platform connects with clean energy technologies such as batteries, electric vehicles and heat pumps, allowing it to manage those devices to match real-time energy demand and supply. This helps to balance the grid and enables customers to capitalise on cheaper, greener power.

Kraken Flex’s pioneering cloud platform is the bridge between the physical and financial elements of the energy system, providing a route to market opportunities and monetizing distributed energy resources (DERs). Kraken Flex enables its customers to capitalise on the energy transition and create a grid system that is greener, cheaper and more flexible than ever before.

For more information, visit https://www.krakenflex.com

Hydro Rein

Press contact:

Maria Melfald Tveten

+47 907 83 802

maria.tveten@hydro.com

About Hydro Rein:

Hydro REIN aims to help industrials succeed with the energy transition by facilitating access to affordable renewable power, sourced from its portfolio of hydro, solar and wind projects in Brazil and the Nordics. Hydro REIN also provides industrial scale, behind-the-meter solutions to improve energy efficiency, reduce emissions and cut costs. The company is a fully owned subsidiary of Hydro, a leading industrial company that builds businesses and partnerships for a more sustainable future.

For more information, visit www.hydro.com