Masdar and Octopus Energy to Handle UK Battery Storage
Octopus Energy and Masdar have signed an agreement for the latter to use the former's Kraken technology platform to manage its battery storage in the UK.
Kraken will allow Masdar to optimise and expand its energy trading capabilities in the UK, helping to accelerate the country's rollout of renewables and support its net-zero targets.
By using Kraken, Masdar can control the performance of its batteries in real-time, optimising them for maximum returns, and store and discharge electrons in the greenest way possible.
The platform is currently contracted to manage over 5 GW across 38,000 green energy assets in ten countries, targeting the management of 100,000 devices and 6 GW of energy capacity by the end of 2023. Masdar committed to investing £1 billion in UK battery storage in October 2022.
Masdar will use Kraken to flexibly manage its battery storage portfolio, to maximise the value of its investments and support the UK's ambitious energy transition goals.
Masdar chose the deep-tech platform for its demonstrated benefits of low cost, maximum efficiency, and ability to enable a smarter energy system. The move will enable Masdar to optimise 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.
Kraken allows for extended analytics, data, and real time monitoring for a whole range of distributed energy resources, including battery storage.
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 several 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.
Masdar and Octopus Energy will also explore collaborative opportunities in renewable generation as the former seeks to expand its presence in the UK energy sector. Al Ramahi said that Kraken will provide the flexibility Masdar needs to scale its business rapidly and that it will help the company maximise the value of its investments and support the UK's ambitious energy transition goals. Jackson said that he was delighted to partner with Masdar, which has established itself as one of the leading investors in renewable technologies around the world.
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 GW.
Source: Octopus Energy
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