Abu Dhabi’s Masdar partners with Octopus Energy Group to develop, manage UK battery storage

Abu Dhabi / London: Abu Dhabi-based renewable energy company Masdar signed an agreement with UK-based energy retailer Octopus Energy to license its technology platform Kraken. Masdar would use Kraken to manage its battery storage portfolio in the UK.

Using Kraken would help Masdar optimise and expand its energy trading capabilities in the UK and help the firm to accelerate the rollout of renewables across the country. This move comes after Masdar committed to investing £1 billion in UK battery storage following its acquisition of London-based Arlington Energy in October 2022. The agreement was signed between Mohamed Jameel Al Ramahi, CEO of Masdar, and Greg Jackson, Founder and CEO of Octopus Energy Group, at the UAE Climate Tech Forum in the presence of Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate.

Mohamed Jameel Al Ramahi, CEO of Masdar, said: “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.”

Masdar also plans to optimise battery performance using Kraken technology, ensuring eco-friendly storage and discharge of electrons. The companies will also explore new renewable energy collaborations. Kraken is now contracted to serve 17 million energy accounts worldwide, targeting 100 million accounts by 2027.

Greg Jackson, Founder and CEO of Octopus Energy Group said, “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.”