Octopus Energy backs tech disruptor to turbocharge floating offshore wind farms globally

• Investment into Ocergy to create green jobs globally, starting in France and US
• Innovative tech set to slash cost and time of building floating offshore wind
• Next step in Octopus’ plans to unleash billions into the global offshore wind sector following the launch of Vector, its offshore wind fund

London, 24 April 2024 – Floating offshore wind farms across the world are to get cheaper and faster to build following an investment by Octopus Energy’s generation arm into Ocergy.

Ocergy is disrupting the floating offshore wind market with an innovative approach to designing and manufacturing floating foundations, drastically reducing the time and cost of building them.

Ocergy, which is headquartered in the US and has operations in France, is pioneering a hyper-local supply chain approach, working with local manufacturers and creating green jobs in the areas where the turbines are installed.

Further efficiencies are unlocked through Ocergy’s lighter and modular designs which make the turbine foundations easy to transport and assemble at their final destination.

The green tech disruptor is already working with over a dozen major developers across multiple gigawatts (GW) of projects, with their first foundations to be installed by 2025/26.

Octopus’ investment will help commercialise Ocergy’s tech and fuel the company’s rapid expansion into new markets. It will also enable it to grow its cutting-edge environmental data and biodiversity monitoring system.

The investment is made on behalf of Vector, Octopus Energy’s offshore wind fund launched at the end of last year. It marks the latest milestone in the company’s plans to turbocharge the rollout of offshore wind globally to reduce fossil fuel reliance and boost energy security.

Floating foundations are used in areas with coastlines that are too deep for foundations that are fixed to the seabed. Around 80% of global offshore wind resources are located in deep waters, underscoring this technology’s vast untapped potential*.

It comes as governments across the globe have set ambitious targets for floating offshore wind. The UK alone is targeting 5 GW of floating offshore wind capacity by 2030.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Tech and innovation are fueling the energy revolution globally, so we’re always on the hunt for game-changing solutions that accelerate progress. Ocergy’s groundbreaking approach has the power to slash the costs of floating offshore wind – and with our investment they will get there faster, paving the way for cleaner, greener energy systems across the globe.”

Dominique Roddier, CEO of Ocergy, said: “At Ocergy we are incredibly enthusiastic about this collaboration with Octopus Energy Generation. It will empower us to scale up our operations and concentrate on delivering both pre-commercial and large-scale floating offshore wind projects. There are lots of synergies between Octopus' forward-thinking efforts in offshore wind and Ocergy's accomplishments to date - and we foresee significant boost in the bankability of our projects as a result.”

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Notes to editors:

Sources:

• Global Wind Energy Council

Press Contacts

Octopus Energy Group

Amy Boekstein

PR Manager

press@octoenergy.com

+44 (0)20 4530 8369

Ocergy

contact@ocergy.com

About Octopus Energy Generation

Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. This means reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses.

As one of Europe’s largest specialist investors in renewable energy, its fund management specialist team launched in 2010 with a mission to accelerate the transition to a future powered by renewable energy. This team manages 3.2 GW of renewable energy projects like wind and solar farms across 15 countries, worth £7 billion.

These projects generate enough green energy to power 2 million homes every year, and is the equivalent of taking over 1 million petrol cars off the road. The business also launched the Fan Club, the world's first local energy tariff that provides cheaper, greener energy to customers living near local turbines when it’s windy, with a discount of up to 50%.

For more information, check out our website.

About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 7.7 million households globally.

Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects – one of Europe’s largest. Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy.

Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.

For more information, check out our website.

About Ocergy

At the crossroads between green energy generation and marine environmental restoration, Ocergy develops sustainable offshore solutions that contribute to solving climate change by reducing our carbon footprint while enabling the harvesting of renewable energies and protecting biodiversity.

For more information, please visit http://www.ocergy.com