Octopus Energy is investing just under $1bn into the Californian clean tech sector, deepening the UK energy giant’s foothold in the US market.
Made via its Octopus Energy Generation subsidiary, the investments will be made into two California-based carbon removal companies specialising in grassland restoration and reforestation.
Octopus also intends to acquire a solar and battery project in California, aiming to use the state’s vast sunshine to produce cheap and clean power, a project expected to become fully operational by July 2026.
These ventures form part of Octopus’ wider US investment plans, with a previously announced ambition to deploy $2bn into the US energy transition by 2030.
“Octopus and California are both leading the way in clean energy innovation. With supportive policy and world-class entrepreneurship in and around Silicon Valley, it’s an ideal place to back long-term investment partnerships that will benefit the UK economy,” said Octopus Energy Generation chief executive Zoisa North-Bond.
“We’re excited to expand Octopus internationally, backing the booming U.S. clean tech sector while bringing innovation, growth and returns to the UK.”
The announcement was made on Monday during a visit to the Octopus Energy London headquarters from Governor of California Gavin Newsom.