UK-based utility Octopus Energy will optimise UK battery storage projects for UAE-based Masdar, which has committed to investing £1 billion (US$1.25 billion) in the country’s grid-scale market.
Octopus will provide its technology platform Kraken to optimise the projects for the state-owned renewable energy investor.
The agreement – signed by Mohamed Jameel Al Ramahi, CEO of Masdar and Greg Jackson, Founder and CEO of Octopus at the UAE Climate Tech Forum – follows Masdar’s commitment to invest £1 billion in UK battery storage after acquiring developer Arlington Energy in October 2022.
Octopus’ Kraken software will allow Masdar to control the performance of its batteries and enable them to store and discharge energy in the “greenest possible way.”
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“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,” said Ramahi.
“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.”
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