Prime Highlights
- Octopus Energy is investing nearly $1 billion to expand its presence in California’s clean tech sector.
- The move supports renewable energy and carbon reduction, contributing to both environmental and economic growth.
Key Facts
- The investment will be made through Octopus Energy Generation.
- Funds will support two companies focused on carbon removal through grassland restoration and reforestation.
Background:
Octopus Energy plans to invest nearly $1 billion in California’s clean tech sector, expanding its US presence.
The investment, through Octopus Energy Generation, will back two companies working on carbon removal through restoration and reforestation.
In addition, Octopus intends to acquire a solar and battery storage project in California. The facility is expected to harness the state’s abundant sunshine to deliver affordable, clean electricity and is projected to become fully operational by July 2026.
The latest move forms part of the company’s previously stated ambition to deploy $2 billion into the US energy transition by 2030. By increasing its footprint in California, Octopus is positioning itself within one of the world’s most active clean energy markets.
Zoisa North-Bond, CEO of Octopus Energy Generation, said the company’s plans match well with California’s strong focus on clean energy. She added that supportive policies and the innovation ecosystem around Silicon Valley make it a good place for long-term investment.
The announcement came during a visit by Gavin Newsom to Octopus Energy’s London headquarters, highlighting growing cooperation between the UK and the US in clean energy.
With this investment, Octopus Energy is expanding globally while supporting clean energy and carbon reduction.
