Octopus Energy Group and Masdar sign agreement to manage UK battery storage
- Global renewables developer Masdar commits to invest £1 billion in UK battery storage following its acquisition of London-based Arlington Energy
- Masdar to use Octopus Energy’s technology platform Kraken to flexibly manage batteries
Abu Dhabi, United Arab Emirates / London, United Kingdom; 10th May 2023 - Global energy tech group Octopus Energy announced today it has signed a framework agreement with Masdar, one of the world’s leading clean energy companies, to license Octopus’ groundbreaking 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.
This comes closely after Masdar committed to invest £1 billion in UK battery storage, following its 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 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.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Masdar and Octopus Energy share a common commitment to pioneering innovative clean energy solutions that disrupt and transform the energy market, and as we expand our presence in the UK energy sector, through our £1 billion investment in battery storage, Kraken will provide us with the flexibility we need to scale our business rapidly. Kraken’s experience and expertise in battery storage asset management will help us to maximize the value of our investments and support the UK’s ambitious energy transition goals.”
Greg Jackson, Founder and CEO of Octopus Energy Group, commented on the announcement: “Masdar has established itself as one of the leading investors in renewable technologies around the world. As they step into batteries in a big way - the acquisition of Arlington and this £1bn announcement - we are delighted to partner with them. Working together with their infrastructure expertise and Kraken's world-leading technology, we can make a real difference - driving cleaner, cheaper and more secure energy at scale.”
The investment in UK battery storage is part of Masdar’s wider commitment to investing in renewable energy and sustainable technologies 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 world’s largest wind farms.
Established in 2006, Masdar is the UAE’s clean energy powerhouse, active in over 40 countries across the globe, and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW).
Mohamed Jameel Al Ramahi, CEO of Masdar (left) and Greg Jackson, CEO and Founder of Octopus Energy Group (right) HE Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate (centre)
For a high-res version of the image, please click here.
UAE Climate Tech Forum Digital press kit:
Masdar Press office
For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar
Octopus Energy Press office
Abu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the largest companies of its kind in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar is today active in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.
About Octopus Energy Group
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 14 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus serves 5.3 million customers through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 30 million customer accounts worldwide through licensing deals with energy companies, including EDF, E.ON and Origin Energy.
Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.
For more information, check out our website.
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