Octopus Energy Generation invests $1bn in cutting-edge Californian clean tech to boost UK growth

• 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

London, 16 February 2026 – 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.

-ENDS-

Notes to editors

*CBI, February 2025

** Economy + Environment, Clean Jobs California Report, December 2024

*** Government of California, July 2025

The Governor of California, Gavin Newsom, visited Octopus Energy’s London headquarters today.

Governor Newsom in conversation with Zoisa North-Bond, CEO at Octopus Energy Generation.

Matt Davies, Founder and Director of Octopus Electroverse, explains how the platform simplifies electric vehicle (EV) charging across Europe and beyond.

Press Contacts

Octopus Energy

Christina Hofmann

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy Group

Octopus Energy is a global clean energy and technology 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 11 million households globally.

The company is driving the electrification of heat and transport through smart tariffs and innovative clean tech, with operations spanning 27 countries and the entire energy value chain. It operates a £7 billion renewables portfolio as well as thriving EV leasing, heat pump, and solar businesses.

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 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 4.9 GW of green energy projects like wind and solar farms in 21 countries, worth £7bn ($9bn/ €8.5bn). These generate enough green power for 3.2 million homes every year - the equivalent of taking over 1.3 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, deliver cheaper energy for customers and make it easier for everyone to be a part in the energy transition. This includes innovations like ‘The Collective’ – the UK’s first FCA-regulated investment platform launched by an energy supplier. It allows people to invest directly in renewable energy projects', like wind turbines or solar farms, from £25. The first two projects’ available shares sold out within 6 days, showing strong appetite for a new way to take part in the clean energy transition.

For more information, check out our website.