Octopus Energy, a leading provider of global energy technology, announced today that Masdar, one of the leading providers of sustainable energy, has signed a framework deal to licence Octopus' ground-breaking Kraken technology platform. Masdar will utilise Kraken to manage its battery storage portfolio in the UK in a flexible manner.
At the UAE Climate Tech Forum, Mohamed Jameel Al Ramahi, CEO of Masdar, and Greg Jackson, Founder and CEO of Octopus Energy Group, signed the agreement in the presence of HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate.
By making the change, Masdar will be able to improve and broaden its energy trading capabilities in the UK, assisting the nation in accelerating the rollout of renewable energy sources and reaching its net-zero goals.
This occurs shortly after Masdar, which in October 2022 announced its acquisition of London-based Arlington Energy, committed to investing £1 billion in UK battery storage.
Masdar will be able to optimise its batteries for optimal returns by employing Kraken to control their performance in real-time. They will be able to store and release electrons in the most environmentally friendly manner imaginable.
Masdar selected the deep-tech platform because to its well-established advantages of low cost, high efficiency, and the capacity to support a more intelligent energy system. For a wide variety of distributed energy resources (DERs), including battery storage, Kraken enables extended analytics, data, and real-time monitoring. At the moment, it has contracts to manage more than 5 GW over 38,000 renewable energy assets in ten nations. By the end of 2023, the platform hopes to handle 100,000 devices and 6 GW of energy capacity.
Additionally, Masdar and Octopus Energy will evaluate options for joint participation in renewable energy and look into cooperative opportunities for renewable generation.