Octopus Energy accelerates take-off of clean air travel with new investment

  • Investment into Nordic Generation Fuels in Finland set to take sustainable aviation to new heights
  • Will create planet-friendly fuel to make the skies cleaner in years to come
  • Aligns with the UK and European Union’s sustainable aviation initiatives

London / Helsinki, 10th December 2024 – Octopus Energy’s generation arm today announces a new investment in sustainable fuels expert Nordic Generation Fuels (NGF) to help speed up the journey to clean air travel.

The investment will enable NGF to develop two new fuel production facilities in Finland. These will generate enough fuel to power nearly 2,000 flights from London to New York a year.

Construction of the facilities is expected to start in the next few years, with one aiming to be operational in 2030.

The sustainable aviation fuel will be produced by capturing biogenic CO2 – carbon emitted by biological material – and combining it with green hydrogen, both abundant in Finland.

This fuel will be supplied to airlines and fuel companies, meaning that in the coming years, flyers can look forward to seeing planes take off with a lower environmental impact.

NGF, which has multiple other projects in its pipeline, is also backed by Business Finland, Finland's government agency for trade and investment promotion.

This effort is part of the aviation industry's broader push to become greener. Currently, sustainable aviation fuel makes up less than 1% of all jet fuel worldwide.

However, the market is expected to grow significantly, with EU and UK initiatives requiring airlines to increase this to 6% and 10% by 2030 respectively*.

This latest investment was made on behalf of the Octopus Energy Transition Fund (OETF) and Sky Fund (ORI SCSp), managed by Octopus Energy Generation.

It marks Octopus’ most recent investment in Finland, where it manages two onshore wind farms and is creating new wind and solar power through its investment in developer NorGen.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Finland is leading the way in fuelling the flight to a greener aviation sector. There’s a huge untapped opportunity to decarbonise air travel with planet-friendly fuels. As flyers become more eco-conscious, it’s vital to develop much-needed sustainable fuel to make flights cleaner than ever before.”

Jussi Åkerberg, Head of Program, Flexible Energy Systems, Business Finland, said: “At Business Finland we want to see companies in Finland become key players in building a sustainable fuels economy nationally and globally. We look forward to supporting Nordic Generation Fuels in the work towards this common objective.”

Miko Pironetti, CEO, Nordic Generation Fuels, said: “We at Nordic Generation Fuels are delighted that Octopus saw the potential in the company and excited to receive the investment from Octopus. Our team is looking forward to working together with Octopus on this challenging and exciting journey that has begun."

-ENDS-

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Press Contacts

Octopus Energy Group

Amy Boekstein

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy Generation

Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. It is 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 renewables investors, it manages 3.7 GW of green energy projects like wind and solar farms in over 15 countries, worth £7bn ($9bn). These generate enough green power for 2.4 million homes every year - the equivalent of taking over 1 million petrol cars off the road.

Octopus comes up with innovative tech-enabled products to change ingrained thinking about energy, positively influence the net zero economy and deliver cheaper energy for customers. This includes the ‘Fan Club’, a world-first tariff providing discounted energy to people living near wind turbines when it's windy, which has seen 36,000+ requests for local wind turbines, and Winder (Tinder for Wind), Octopus’ tech platform to speed up new turbines development driven by community demand. 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 7.8 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.

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

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