London, UK – Masdar, the UAE’s renewable energy company, has committed to invest £1 billion in British battery storage, following its acquisition of Arlington Energy in October 2022.
Masdar has partnered with Octopus Energy to license its technology platform, Kraken, to manage its battery portfolio at low cost and with maximum efficiency. The platform aims to manage 100,000 devices and 6GW of energy capacity by the end of 2023. This will help bring more renewables onto the grid quicker and drive down prices.
During his recent visit to Britain to attend London Climate Action week, COP28 President-Designate Dr Sultan Al Jaber, who also chairs Masdar, also visited Octopus Energy and its founding CEO, Greg Jackson, in their London headquarters. They discussed the latest technologies that support the rollout of renewable energy and storage solutions, improve energy efficiency, and help in the race to net zero.
Masdar already has a substantial foothold in the UK market.
The company owns stakes in London Array, one of the world’s largest offshore wind farms, and Hywind Scotland, the world’s first commercial-scale floating wind farm.
In 2019, Masdar also invested £35 million ($40m) in the UK’s Charging Infrastructure Investment Fund, a £400m plan that aims to double the country’s number of electric vehicle charging points.