• SolarEdge Home Battery customers will be able to save by charging with low-cost, clean energy – fully automated by Kraken
• Octopus Energy customers in the UK and US first to benefit from lower energy bills
• SolarEdge systems around the world to expand Kraken’s ‘Virtual Power Plant’ potential and turbocharge the smart grid

London, UK and Milpitas, California – 25^th July 2024 – Global clean tech leaders Kraken Technologies and SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG) are today announcing a strategic partnership to unlock low-cost, green energy for SolarEdge Home Battery customers around the world.

SolarEdge batteries will be integrated into Kraken – the world’s fastest growing energy platform and the technology behind Octopus Energy. This will allow SolarEdge customers to maximise earnings by charging their batteries with cheap, clean energy when it is most abundant, and selling energy back to the grid to support supply at peak times – all fully automated by Kraken.

The first to benefit from the partnership will be Octopus Energy customers in the UK and Texas, U.S., who will get access to Octopus Energy’s ‘Intelligent Octopus’ tariffs.  These smart import and export tariffs offer customers competitive rates for consuming and selling their energy – up to 50% lower than on a regular tariff.

SolarEdge systems around the world will be able to join Kraken’s ‘Virtual Power Plant’ – currently 1.1GW of distributed domestic devices that balance energy supply and demand and unleash the full power of the future smart grid. This enables Kraken’s global client base of energy retailers to develop their own smart tariffs for SolarEdge battery owners. The client base includes major global energy players such as E.ON, EDF, Tokyo Gas, Origin and Octopus Energy.

Zvi Lando, CEO, SolarEdge Technologies, comments: “This strategic partnership puts SolarEdge customers at the centre of the energy ecosystem and helps drive greater energy resiliency to homes and the grid in the UK and Texas. As the world continues to transition towards net-zero, these programs will be critical to ensuring a stable penetration of renewable energy into the grid network.”

Devrim Celal, CEO of Kraken, says: “This partnership with SolarEdge sees a key player in clean domestic energy tech join our ecosystem. The scale this brings will benefit our customers’ pockets and support the transition to a clean, sustainable energy system.”