LONDON — Octopus Energy Generation has committed $500 million to fund U.S. reforestation projects run by Living Carbon, the energy firm said in a statement detailing a major capital allocation into commercial forestry and land management operations.
Tech giants Google and Meta, alongside corporate consultancy McKinsey, have already signed commercial agreements to buy the carbon credits produced by the upcoming tree-planting drives involving three primary corporate entities. Growing corporate demand for verified carbon offsets has pushed large enterprises to secure multi-year supply agreements long in advance of final harvest or credit issuance dates spanning up to 10 years.
Living Carbon deploys specialized trees designed to absorb carbon dioxide from the atmosphere at higher rates while simultaneously restoring degraded natural habitats across several American regions. The half-billion-dollar funding injection from Octopus Energy will directly finance large-scale sapling purchases, regional land acquisition, and the deployment of specialized field crews needed to fence, water, and manage the growing plots over 12 months across multiple states.
Madeleine C., chief executive officer of Living Carbon, said the financing lets the startup accelerate its planting schedules and expand its geographic footprint across 12 distinct operational sectors. With the support of partners like Octopus Energy, we can accelerate our efforts to restore forests and contribute to a healthier planet, she said in a statement released alongside the funding announcement on Tuesday.
Neither Octopus Energy nor Living Carbon disclosed the exact equity stake acquired in the transaction, and corporate officials declined to specify the total acreage targeted for purchase during the initial rollout phase or the expected timeline for full project completion spanning 24 months. Initial site preparations and land acquisitions are scheduled to begin next month across the targeted U.S. counties, according to the companies.
