Three-party MoU targets European home storage
Octopus Energy, Xinen and CATL have signed a strategic memorandum of understanding to jointly explore smart home energy storage solutions for the European market. The signing was described as taking place recently, without a specific date.
Under the arrangement, Xinen is responsible for the research, development and manufacturing of cells, battery management systems (BMS) and energy storage systems. Octopus Energy will draw on its European end-user channels to introduce smart dynamic tariff algorithms and virtual power plant (VPP) access services.
Priority markets and integrated home energy scope
The three parties will give priority to markets including the UK, France and Spain.
Centered on smart home storage, the cooperation spans rooftop solar, smart charging, vehicle-to-grid (V2G) and virtual power plants.
The MoU follows the European heavy-truck battery-swapping cooperation between Octopus Energy and CATL in June, extending their collaboration into the home energy segment.
Jointly branded home energy solutions planned
Octopus Energy and CATL will explore and launch jointly branded home energy solutions.