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Octopus Energy Sign Battery Leasing Deal of ‘Kraken’ Proportions

octopus energy

Written By Billy

June 10, 2024

The Energy Group, Octopus Energy sign a deal to see them part of one of the biggest battery leasing deals in the UK.

In partnership with asset management company Gresham House, the energy firm will manage over half of the energy grids’ large-scale battery cohort in the UK, around 920 megawatt hours.

Release the Kraken

Gresham House Energy Storage Fund has a collection of battery storage assets nationwide. They are utilised when there is an excess of energy generated from renewable energy, this energy is then released to the national grid when the demand is high.

Kraken, Octopus Energy’s technology division will be connected to the battery cohort and aims to cut cost waste of £800 million a year!

Two Years of Battery Management

In the coming couple of years, the fast-growing energy firm will manage the 14 batteries that can store renewable energy which would be enough to power 1 million homes for a single hour.

The head of Octopus Energy’s Flexibility had this to say about the deal:

“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.

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.

Kieron Stopforth Head of Flexibility at Octopus Energy

The Future is Bright

As we move further and further away from fossil fuels and usher in renewable energy that will power our future, batteries will be a significant part of the transition.

By having batteries, we can ensure complete energy control and security, allowing us to store extra energy when we most need it.

For Business

You could say batteries are the first line of defence when it comes to potential power outages. They can respond to unexpected changes in energy supplies at a rapid rate and will keep your energy system running smoothly.

When paired with a solar system, your energy will become yours giving you a sense of control and independence. This is handy when you operate a business at nighttime and want to make the most of your energy.

For too long, businesses big and small have been at the mercy of energy companies and their astronomical energy bill prices.

With IEG today, we can guide and hold your hand as you take back control of your business’s electricity.

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