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Octopus inks “world’s largest” battery-leasing deal

Octopus Energy Group has signed a battery-leasing deal with Gresham House Energy Storage Fund, connecting over 50% of its batteries to Kraken platform

Octopus Energy Group has entered into a battery leasing agreement with Gresham House Energy Storage Fund plc (GRID).

This deal will use Octopus’ Kraken platform to manage GRID’s large scale batteries.

The agreement, the largest of its kind globally, will connect over 50% of GRID’s battery portfolio to Kraken.

Kraken’s AI and machine learning will manage the charging of GRID’s batteries when renewable energy is plentiful and their discharging when the national grid experiences high demand.

This aims to reduce instances of energy curtailment, where excess renewable energy is wasted, which cost UK energy billpayers £800 million in 2022.

GRID, launched in 2018, is a battery energy storage fund in the UK, holding approximately 20% of the market.

Octopus will manage half of GRID’s large scale battery fleet over the next two years.

The 14 batteries can store over 900MWh of renewable energy, enough to power a city the size of Birmingham for an hour.

Kieron Stopforth, Head of Flexibility at Octopus Energy, said: “Every year the UK loses hundreds of gigawatt-hours of clean energy because our system isn’t flexible enough to keep it – plus have to pay for this senseless waste.

“Through this landmark deal with Gresham House Energy Storage Fund, we’re not only increasing the size of our virtual power plant to over 1.5GW, we are also unlocking the power of flexibility, aiming to drive down grid costs.”

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