As part of its investment, Octopus Energy will acquire a solar and storage project in California that is expected to be operational in July. The British-based company, which operates in key markets in Europe, Australia, China and the United States, says California’s clean technology sector will “bring innovation, growth and returns to Britain.”
UK-based Octopus Energy Generation is investing nearly $1 billion in clean technology innovation, concentrated in California’s Bay Area.
The investment is part of London-based Octopus’ strategy to grow its business in the United States and ensure its established UK operations can benefit from the latest Californian renewable energy technologies. Octopus wants to deploy $2 billion in the American energy transition by 2030.
As part of its investment, Octopus will acquire a solar and battery project in California, which is expected to be fully operational in July. It will also invest in thermal battery innovation to target industries that are difficult to electrify, as well as two California carbon removal companies.
Zoisa North-Bond, CEO of Octopus Energy Generation, said the investment would build on the company’s previous US deals, including investments in solar farms in Ohio and Pennsylvania. Octopus also has an established residential battery program in Texas.
“Octopus and California are both at the forefront of clean energy innovation,” he said. “With supportive policies and world-class entrepreneurship in and around Silicon Valley, it is an ideal place to support long-term investment partnerships that will benefit the UK economy. We are excited to expand Octopus internationally, supporting the thriving US clean technology sector while bringing innovation, growth and returns to the UK.”
The investment announcement was made by Octopus Energy Generation, a trading name that includes Octopus Renewables Ltd and other subsidiaries of Octopus Energy Group. Octopus Energy is one of Britain’s largest utilities, offering smart energy tariffs, electric vehicle leasing and heat pump controls.
Through its investment arm, it now manages 4.9 GW of green energy projects in 21 countries, worth more than $8 billion. In July 2025, UK pension provider Smart Pension invested $440 million in two Octopus-managed funds, which were expected to help finance several UK clean energy projects.
In January 2026, Octopus announced that it was partnering with China’s PCG Power to create a new joint venture focused on the Chinese market.
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