Octopus Power Era is investing almost $1bn in Californian clear know-how tasks, deepening its publicity to the US power transition and accelerating plans to deploy $2bn throughout the nation by 2030.
The funding, channelled by means of Octopus-managed funds, spans carbon elimination, warmth battery know-how and solar-plus-storage infrastructure, reinforcing the corporate’s technique of backing next-generation decarbonisation property in superior markets.
Octopus will help two California-based carbon elimination corporations centered on grassland restoration and reforestation, changing degraded land into high-quality carbon-absorbing property. A number of massive know-how companies have already agreed to buy carbon credit from the tasks, offering long-term income visibility.
The investor may even again warmth battery know-how developed within the Bay Space, geared toward decarbonising hard-to-electrify industrial processes. The techniques are designed to exchange fossil-fuel boilers with renewable-powered thermal storage, reducing emissions in sectors which have confirmed tough to transition.
As a part of the funding drive, Octopus is buying a photo voltaic and battery storage challenge in California. The positioning is anticipated to be totally operational by July 2026, serving to convert the state’s considerable photo voltaic useful resource into dispatchable, low-cost electrical energy.
The announcement builds on earlier North American investments, together with backing floating offshore wind developer Ocergy and photo voltaic tasks in Ohio and Pennsylvania.
The transfer comes as Octopus expands its worldwide footprint whereas sustaining shut ties to the UK market. Britain’s clear power economic system grew 3 times sooner than the broader economic system in 2024, in accordance with CBI data, and Octopus stated abroad investments would finally help UK returns and experience.
Zoisa North-Bond, chief govt of Octopus Power Era, stated California’s coverage surroundings and know-how ecosystem made it a beautiful long-term associate.
“Octopus and California are each main the way in which in clear power innovation,” she stated. “With supportive coverage and world-class entrepreneurship in and around Silicon Valley, it’s an excellent place to again investments that may profit the UK economic system.”
California at present generates greater than two-thirds of its electrical energy from clear sources and goals to achieve 100 per cent by 2045, positioning it as one of the world’s most ambitious energy transition markets.
The announcement was made throughout a go to by the Governor of California to Octopus’s London headquarters, underscoring the rising transatlantic collaboration in clear know-how and infrastructure funding.
