Octopus Energy has agreed to license its Kraken platform to Masdar to manage its planned battery storage portfolio in the UK.
Masdar, the renewable energy company owned by the government of the United Arab Emirates, has committed to invest £1 billion in UK battery storage following its acquisition of London-based developer Arlington Energy in October 2022.
The Kraken platform will be used to monitor and control the batteries, optimising their charging and discharging to maximise returns from trading in energy markets.
The platform is currently contracted to manage more than 5GW of assets in ten countries and Octopus is aiming to raise this figure to 6GW by the end of this year.
Masdar and Octopus have also agreed to explore opportunities to work together on renewable energy generation.
Greg Jackson, founder and chief executive of Octopus Energy Group, said: “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 £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.”
Masdar chief executive Mohamed Jameel Al Ramahi 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.”
On Tuesday (10 May), Octopus announced that its Kraken platform will be adopted by the international energy retail business of Plenitude, serving two million customers in France, Greece, Slovenia, Spain and Portugal. Plenitude is the energy retail arm of Italian oil giant Eni.