Octopus and Masdar agreement to support £1bn investment in UK battery storage

Octopus and Masdar agreement to support £1bn investment in UK battery storage

Published: 11 May 2023, 12:17

The agreement follows Masdar’s recent commitment to invest £1 billion in UK battery storage. Image: Octopus (Richard Boll Photography).

Octopus Energy has signed a framework agreement with Masdar to use Octopus’ technology platform Kraken to flexibly manage the clean energy developer’s UK battery storage portfolio.

The agreement – signed by Mohamed Jameel Al Ramahi, CEO of Masdar and Greg Jackson, Founder and CEO of Octopus at the UAE Climate Tech Forum – follows Masdar’s commitment to invest £1 billion in UK battery storage after acquiring Arlington Energy in October 2022.

Octopus’ Kraken software will allow Masdar to control the performance of its batteries and enable them to store and discharge electrons in the “greenest possible way.”

“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,” said Ramahi.

“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.”

“Masdar has established itself as one of the leading investors in renewable technologies around the world,” added Jackson from Octopus.  

“As they step into batteries in a big way – the acquisition of Arlington and this £1 billion 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.”

Kraken has recently expanded internationally now operating in Belgium and Switzerland.

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