Octopus Energy Group signs leasing deal with Gresham House Energy Storage Fund PLC

Octopus Energy Group, the largest electricity provider in the UK, has signed a record-breaking battery leasing deal with Gresham House Energy Storage Fund plc (GRID) that uses its Kraken platform to unlock the benefits of the green grid for all.
Octopus Energy Group signs leasing deal with Gresham House Energy Storage Fund PLC
Courtesy of Octopus Energy.

The deal – the biggest of its kind in the world – will connect just over 50 percent of GRID’s large-scale batteries to Octopus’ technology platform Kraken. Kraken’s unique AI and machine learning optimisation will charge GRID’s batteries when renewable energy is abundant and discharge them when the national grid is under stress.

This intelligent flexibility reduces wasteful instances of ‘throwing away’ cheap clean power - such as when wind turbines are forced to stop turning because of too much energy on the national grid.

The issue is known as ‘curtailment’ in the energy industry and hit UK energy bill payers with a staggering £800 million of costs in 2022.

Launched in 2018, GRID is already the largest battery energy storage fund in the UK, owning around 20 percent of the UK battery storage market. Octopus will take over half of GRID’s large-scale battery fleet in the UK for the next two years.

The 14 large-scale batteries can store more than 900 MWh of renewable energy – enough to power 1 million homes for an hour, or a city the size of Birmingham.

This deal follows hot on the heels of Octopus reaching 1GW worth of shiftable load – the largest virtual power plant in the UK – through its electric vehicle (EV) tariff, Intelligent Octopus Go.

“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” said Kieron Stopforth, Head of Flexibility at Octopus Energy. “Batteries unlock the clean and cheap energy system, storing green energy when it’s plentiful and providing it back to the grid when energy is expensive - and work even better with brilliant tech to manage that optimisation. Through this landmark deal with Gresham House Energy Storage Fund, we’re not only increasing the size of our virtual power plant to over 1.5 GW, we’re also unlocking the power of flexibility, aiming to drive down grid costs.”

For additional information:

Octopus Energy

Gresham House

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