- Octopus to further plug into California’s tech boom and invest in next-gen innovation
- Deals span carbon removal, heat batteries, and solar-plus-storage
- Comes as Octopus rapidly expands its US footprint with plans to inject $2bn by 2030
Octopus Energy Generation, one of Europe’s leading investors in renewable energy, is injecting nearly $1 billion in California’s next-gen tech scene – deepening its foothold in one of the world’s most advanced clean energy markets.
Through its funds, Octopus will back two Californian carbon removal companies pioneering grassland restoration and reforestation to transform degraded land into high-quality CO2-absorbing assets – with several Big Tech companies already lined up as carbon credit offtakers.
The newly unlocked funding will also invest in heat batteries to fast-track the decarbonisation of hard-to-electrify industries. Developed in the innovation-driven Bay Area, the tech allows swapping polluting fossil-fuel boilers with systems powered by renewable energy.
Additionally, Octopus will acquire a solar and battery project in California, aiming to help turn the state’s abundant sunshine into clean, cheap power. The project is expected to become fully operational by July 2026.
This builds on Octopus’s previous investments in state-side clean tech infrastructure, with the company aiming to deploy a total $2 billion in the U.S. energy transition by 2030.
The UK and California are true leaders in the clean energy space. In 2024, Britain’s clean energy economy grew three times faster than its overall economy.*
Across the pond, California is charging ahead at a similar pace. With over half a million people already employed in the green sector, the state is creating four times as many clean energy jobs as in all other areas of its booming economy.**
California is also already generating more than two-thirds of its electricity from clean sources. It’s the world’s largest economy to reach this milestone with plans to achieve 100% by 2045.***
Zoisa North-Bond, CEO at Octopus Energy Generation, said: '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.
'We’re excited to expand Octopus internationally, backing the booming U.S. clean tech sector while bringing innovation, growth and returns to the UK.'
This marks the latest step in Octopus’s mission to accelerate the global energy transition and help enable a fully zero-carbon future. It follows a string of deals across North America, including investments in floating offshore wind company Ocergy and solar farms in Ohio and Pennsylvania.
Through its U.S. business, Octopus already powers thousands of homes in Texas with green electrons, bringing clean energy and smart, money-saving tariffs to people across the region.
The announcement was made today during the Governor of California’s visit to the Octopus Headquarters in London.
Source: Octopus Energy Generation
