Octopus Energy Generation expands US energy transition bets
Octopus Energy Generation, the investment arm of Octopus Energy Group, has announced a nearly $1 billion commitment to California’s clean technology sector, marking a major step in its plan to deploy $2 billion into the US energy transition by 2030.
The announcement was made in London during a visit by the Governor of California to the company’s headquarters, underscoring the growing cross-Atlantic push to finance next-generation climate solutions beyond wind and solar.
Three focus areas: carbon removal, industrial heat, solar storage
The new capital will be directed at three verticals: carbon removal, industrial heat decarbonisation, and solar and battery storage. Through its funds, the firm plans to back two companies working on grassland restoration and reforestation projects designed to convert degraded land into CO2-absorbing assets. These initiatives have already secured carbon credit offtake agreements with several major technology companies, according to the announcement.
Funding will also support deployment of Bay Area-developed heat battery technology aimed at replacing fossil-fuel boilers in hard-to-electrify industries by storing renewable energy and delivering industrial-grade heat.
California solar-and-battery acquisition set for July 2026
In parallel, Octopus Energy Generation is acquiring a California solar and battery project expected to become fully operational by July 2026.
Zoisa North-Bond, CEO of Octopus Energy Generation, said the company sees California as a prime market due to supportive policy and entrepreneurship around Silicon Valley, adding that the expansion is intended to “benefit the UK economy” through investment partnerships.
Founded in 2015, Octopus Energy Group has built a growing US footprint, including green energy supply in Texas and investments spanning floating offshore wind and solar assets in multiple states.
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