Octopus Energy Group and Masdar sign agreement to develop and manage UK battery storage

Octopus Energy Group and Masdar sign agreement to develop and manage UK battery storage

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.

In the presence of HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate, 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