Abu Dhabi / London: Abu Dhabi-based renewable power firm Masdar signed an settlement with UK-based power retailer Octopus Vitality to license its expertise platform Kraken. Masdar would use Kraken to handle its battery storage portfolio within the UK.
Utilizing Kraken would assist Masdar optimise and develop its power buying and selling capabilities within the UK and assist the agency to speed up the rollout of renewables throughout the nation. This transfer comes after Masdar dedicated to investing £1 billion in UK battery storage following its acquisition of London-based Arlington Vitality in October 2022. The settlement was signed between Mohamed Jameel Al Ramahi, CEO of Masdar, and Greg Jackson, Founder and CEO of Octopus Vitality Group, on the UAE Local weather Tech Discussion board within the presence of Dr Sultan Ahmed Al Jaber, UAE Minister of Business and Superior Know-how, Chairman of Masdar, and COP28 President-Designate.
Mohamed Jameel Al Ramahi, CEO of Masdar, stated: “As we develop our presence within the UK power sector, by our £1 billion funding in battery storage, Kraken will present us with the flexibleness we have to scale our enterprise quickly.”
Masdar additionally plans to optimise battery efficiency utilizing Kraken expertise, guaranteeing eco-friendly storage and discharge of electrons. The businesses can even discover new renewable power collaborations. Kraken is now contracted to serve 17 million power accounts worldwide, concentrating on 100 million accounts by 2027.
Greg Jackson, Founder and CEO of Octopus Vitality Group stated, “Working along with their infrastructure experience and Kraken’s world-leading expertise, we will make an actual distinction – driving cleaner, cheaper and safer power at scale.”