Octopus Energy, a global energy tech group, has signed a framework agreement with Masdar, a renewable energy company, to license its technology platform Kraken. The platform will enable Masdar to manage its battery storage portfolio in the UK and optimise and expand its energy trading capabilities, helping to accelerate the rollout of renewables across the country and supporting the UK's net-zero targets.
Kraken allows for extended analytics, data and real-time monitoring for a range of distributed energy resources, including battery storage. The platform is currently contracted to manage over 5GW across 38,000 green energy assets in ten countries. By using Kraken, Masdar will be able to control the performance of its batteries in real-time, optimising them for maximum returns and storing and discharging electrons in the greenest possible way.
The agreement was signed at the UAE Climate Tech Forum between Mohamed Jameel Al Ramahi, CEO of Masdar, and Greg Jackson, founder and CEO of Octopus Energy Group. Masdar recently committed to investing £1bn in UK battery storage, following its acquisition of London-based Arlington Energy in October 2022. The two companies will also assess joint participation possibilities in renewable energy and explore collaborative opportunities in renewable generation.
Masdar's CEO Al Ramahi said that Kraken would provide the flexibility they need to scale their business rapidly, while Jackson, Octopus Energy's CEO, said that working together with Masdar's infrastructure expertise and Kraken's technology, they can make a real difference by driving cleaner, cheaper and more secure energy at scale.
