Global energy tech group Octopus Energy 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, the company said in a statement.
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.
Mohamed Jameel Al Ramahi CEO – Masdar
“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 $1.2 billion (£1 billion) investment in battery storage, Kraken will provide us with the flexibility we need to scale our business rapidly. 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.”
The investment in UK battery storage is part of Masdar’s wider commitment to investing in renewable energy and sustainable technologies around the world. Masdar and Octopus Energy will also assess joint participation possibilities in renewable energy and explore collaborative opportunities in renewable generation.
Mr. Greg Jackson, Founder, and CEO of Octopus Energy Group, commented that, “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 £1bn 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,” Mr. Jackson added.
