Octopus invests £200m into Deep Green’s pioneering data centre heat re-use technology

• Investment will speed up roll-out of innovative technology into more public swimming pools and district heat networks
• Deep Green slashes energy bills by giving organisations free heat
• Funding provided by Octopus Energy Transition Fund to back fast-growing companies accelerating the move to net zero

London, 15th January 2024 - Octopus Energy’s generation arm today announces a £200 million investment in London-based tech disruptor Deep Green to help it rapidly scale its groundbreaking technology across the UK.

Processing data generates a lot of heat. The revolutionary business model pioneered by Deep Green means this heat doesn’t go to waste and instead is used to provide free heat for energy-intensive organisations like leisure centres. By teaming up with Deep Green, a public swimming pool in Devon was able to slash its pool heating bill by over 60%.

In return, Deep Green gets free cooling which provides it with a significant competitive edge over traditional data centres. This allows it to offer more affordable, highly energy-efficient computing to businesses across the UK.

Deep Green’s customers require data centre processing for a range of uses including AI, machine learning, video rendering or cloud applications. Deep Green’s current customers include York University, and the company has signed partnerships with industry suppliers Civo and Alces Flight who offer the servers to their customers.

Installed on-site, Deep Green data centres in, for example swimming pools, don’t require additional grid upgrades or planning permission so can be up and running in a matter of weeks.

The investment is made via Octopus’ dedicated Octopus Energy Transition Fund (OETF) and the Sky (ORI SCSp) fund it manages.

Zoisa North-Bond, CEO of Octopus Energy Generation said: “To tackle the energy crisis head-on, we need innovative solutions to unusual problems. By using excess heat from data centres to slash energy bills for communities across the UK, Deep Green solves two problems with one solution. We’re looking forward to rapidly rolling this out and positively impacting even more people as we drive towards a cleaner, cheaper energy future.”

Mark Bjornsgaard, Founder and CEO of Deep Green, commented: “We are thrilled with Octopus’s commitment to support our next phase of growth. Placing data centres within the fabric of society transforms the waste heat they produce into a valuable resource that benefits communities.

“The data centre sector is rightly facing scrutiny about its growing energy demand and associated carbon emissions. Our data centres are highly energy efficient and support local communities with free heat.”

OETF launched in 2023 to scale companies in fast-growing sectors decarbonising society, from heating, to storage, low carbon transport and more. Octopus has also backed ground-source heat pump company Kensa Group through this fund.

-ENDS-

Notes to editors:

Press Contacts

Octopus Energy Group

press@octoenergy.com

+44 (0)20 4530 8369

Deep Green

Will Melling, Apella Advisors

wjm@apellaadvisors.com

+44 (0)7763 749563

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 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 17 countries, worth £6bn. 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

Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 17 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.

Octopus serves 7.2 million customers globally through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 52 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 Deep Green

Deep Green was founded in 2016 by Mark Bjornsgaard, an entrepreneur with an interest in technology and energy. Deep Green’s pioneering ‘immersion cooling’ technology efficiently re-uses heat from its on-site “edge” data centres to provide free heat for a range of organisations, including public swimming pools and district heat networks. Decarbonising commercial and domestic heating is one of the most urgent climate imperatives and Deep Green is excited to be at the heart of this important transition. Find out more at: www.deepgreen.energy or https://www.linkedin.com/company/deep-green-energy.