We don’t simply provide vitality, we generate tonnes of it too.
We’re one among Europe’s largest traders in renewables: working £4 billion value of inexperienced vitality turbines throughout 7 international locations
Here is a couple of of our newest tasks…
Investing in sufficient wind for 1/2 million houses
From new wind farms throughout the UK, France, Finland and Sweden, this deal will nearly double our wind capability over the subsequent 10 years – most of it in Scotland and Wales.
Launching 30 new Fan Membership tasks
Over the subsequent 18 months we’ll be working with communities throughout the UK to convey them cheaper energy from their native Fan Membership turbine. Wish to learn extra or be a part of the checklist of 1,500 communities eager to become involved?
Investing £3b in inexperienced hydrogen for heavy business
Alongside RES, Octopus Vitality Technology has pledged £3bn in the direction of cutting-edge clear, inexperienced hydrogen manufacturing by 2030. We are able to then use this hydrogen to decarbonise difficult sectors like heavy business and transport.
Constructing one of many world’s largest wind generators
In Sweden, we’re at present constructing one of many largest wind generators the world’s ever seen! At 200 metres tall – it’s greater than twice as tall as Massive Ben – and it’ll generate sufficient inexperienced vitality yearly to energy over 40,000 houses
At full capability, Octopus websites at present generate sufficient inexperienced vitality to energy 2.1 million houses – and we’re constructing extra by the minute
For those who see a photo voltaic farm within the UK, there is a huge probability we have one thing to do with it – 1 in 10 photo voltaic farms within the UK are managed by Octopus!
Our vitality system cannot afford to depend on imported fossil fuels any longer. For a clear, dependable and reasonably priced vitality future the UK must quickly construct extra renewables. So we’re doing simply that.
Nice to see Octopus Renewables backing 690MW of recent wind tasks throughout the UK, France, Finland and Sweden
A unbelievable British firm working to strengthen European vitality safety
Wind energy is now less expensive than fossil fuels. We have to generate extra low-cost, clear energy
— Kwasi Kwarteng (@KwasiKwarteng) March 10, 2022
With technology and provide below one roof, we’re in a position to do all kinds of thrilling issues that different technology companies (and suppliers) can’t. For one, we use plenty of unpolluted, inexperienced vitality from an entire host Octopus Vitality Technology websites to energy a big portion of Octopus Vitality prospects. However that is not all. Our renewable technology isn’t simply geared in the direction of traders, it’s pushed by individuals such as you and me – individuals who truly use these clear, inexperienced electrons.
A technology enterprise not like some other
At Octopus Vitality Technology, we get wind and photo voltaic farms constructed. First, as ‘fund managers’, we search excessive and low for funding in renewables. As soon as we’ve discovered it, we’re answerable for getting spades within the floor, and for the on a regular basis administration and operation of these wind and photo voltaic farms too.
Nonetheless, even amongst ‘fund managers’, we’re fairly distinctive.
In 2010, our authentic backers – Octopus Group, arrange a profitable renewable technology enterprise. In 2021, we acquired this ‘sister’ enterprise and Octopus Vitality Technology was born. Now we’re combining experience from throughout the entire breadth of the vitality business to create a sort of technology enterprise that’s by no means been seen earlier than.
As fund managers, now we have buckets of expertise. We’re consultants in the case of capturing urge for food for funding and we’ve obtained a strong investor platform to point out for it: since merging we’ve grown from being value £3.7bn to an enormous £4.2bn!
On the similar time, not like different technology companies, we even have all of that juicy Octopus Vitality experience – tech agility, understanding shoppers and what they need, and the power to truly interact end-customers – the individuals who truly use the vitality we generate. All this provides as much as one thing actually fairly particular…
Revolutionising renewable funding:
We’re on a mission to massively disrupt the renewable vitality house in favour of shoppers.
Zoisa North-Bond, CEO – Octopus Vitality Technology
Dealing with each the local weather disaster and the fuel disaster, we’d like renewables now greater than ever. Funding in renewables has obtained us to the place we’re at this time, however it hasn’t but reached its full potential.
For so long as anybody can keep in mind, renewable funding has adopted an analogous sample to fossil gas funding. Revolutionising the vitality system and producing extra inexperienced electrons hasn’t been the primary motivation. As a substitute, the main focus has been on traders as they chase subsidies round Europe, constructing giant tasks to attempt to get the perfect returns on the cash they put in. With this in thoughts, there’s additionally been a bent to push renewable tasks via with out a lot thought for the communities close by. This has generally brought on a whole lot of friction, drumming up opposition to renewables and slowing down the inexperienced vitality vitality revolution – one thing no one wants.
However not too long ago issues have been altering. Renewables have confirmed that they will function with out subsidies and nonetheless present the most affordable supply of vitality round. In truth, In keeping with Lazard’s 2021 evaluation, energy from new wind funding is round $30 per megawatt-hour cheaper than new fuel (and mid-crisis, wind has been round £110 cheaper to provide).
With this in thoughts, the UK has been transferring away from this ‘subsidy mannequin’. In 2015, for instance, the Authorities eliminated subsidies for on-shore wind. This offers us a golden alternative to maneuver away from outdated funding, opening the way in which to new, quicker, forward-looking fashions for constructing renewables; fashions that target technology itself, pushed by participating and empowering end-customers.
Making people-powered vitality a actuality
Bringing provide and technology below one roof has allowed us to construct a totally new sort of funding mannequin for renewables – one the place individuals and communities instantly profit from native technology.
In a nutshell, individuals get cheaper energy from a neighborhood wind or photo voltaic farm when the wind is blowing or the solar is shining – they usually have the chance to put money into and part-own that native generator too (one thing that may by no means have been potential with large-scale, ‘centralised’ fossil fuels).
It’s arduous to underestimate fairly how huge that is for inexperienced vitality. Giving individuals the prospect to learn from native renewable technology flips renewable funding on its head. The stifling pressure between huge traders and communities has been reconciled. Octopus Vitality Technology has a mannequin match for the twenty first century, the place traders and communities are on the identical facet, working collectively to launch the renewable tasks we so desperately want – and it’s already bearing fruit.
We’ve given our groundbreaking mannequin a reputation: The Collective, and it’s already displaying promise: we have already obtained two people-powered wind generators already up and operating, and as soon as The Collective formally launches, we’re on monitor to construct 30 extra within the subsequent couple of years.
In truth, up to now, over 1,200 communities throughout the nation have contacted us to say they need to be concerned in growing their very own native technology.
Given the response from communities, traders have been fast to select up on the potential for a streamlined, quicker, simpler constructing course of. With that in thoughts, they’re pouring in cash. By 2035, we’ve obtained plans for 1,000 people-powered tasks up and down the nation (supplying round 2.5 million households with inexperienced energy) and 1,000 extra all over the world. In different phrases…
We’re pledging to create a whopping £4 billion of individuals pushed clear vitality tasks over the subsequent decade. With a purpose to try this we’ll be bringing the worlds of vitality know-how and institutional funding collectively, and opening up the chance for anybody who needs to put money into vitality tasks
Zoisa North-Bond, CEO – Octopus Vitality Renewables
A people-powered pilot: Octopus Fan Membership
Fan Membership was the precursor to The Collective, and the primary of many tasks that may embody these values. It began with our two largest followers: #1 Fan in Market Weighton, East Yorkshire and #2 Fan in Caerphilly, South Wales.
These two gigantic wind generators work somewhat in another way to others up and down the nation. Individuals dwelling close by can be a part of our particular Fan-Membership tariff. Then, when their native turbine is spinning, they get 20% off their vitality payments (and when the wind is basically blowing they get a whopping 50% off for each unit they use.) At a time when vitality payments are via the roof, this presents prospects an actual, tangible glimmer of hope. We are able to’t wait to roll out extra of those clear, inexperienced, bill-busting renewable tasks to communities across the nation.
Investing in cutting-edge inexperienced tech
In relation to shaking up the world of renewable technology, we’re not stopping at wind farms… Octopus Vitality Technology works with a variety of various applied sciences. Sooner or later quickly, we may see customer-driven Fan Membership-style tasks that enable coastal communities to drive (and profit from) the constructing of off-shore wind, and we haven’t even obtained began on ‘Solar Membership’ but both!
Additional afield, we’re continuously maintaining a tally of different renewable technology strategies which can be but to achieve their full potential, like tidal, and hydro.
Octopus Vitality Technology can be working intently with vitality boffins from throughout the opposite arms of Octopus Vitality. For instance, with the ‘flexibility’ consultants at Octopus Vitality’s KrakenFlex group – who work with storing clear, inexperienced electrons in batteries and different vitality storage property when they’re ample, and releasing them when the wind isn’t blowing and the solar isn’t shining.
As Octopus Vitality Technology CEO Zoisa North-Bond tells me:
It’s potential to envisage a future the place London is surrounded by 10 huge Fan-club model tasks, supported by vitality storage managed by consultants like these at KrakenFlex. Collectively we may steadiness that renewable vitality, storing it when it’s ample and releasing it when wanted. That’s a method we may energy London – and different main cities – with 100% renewable vitality
What’s Subsequent for Octopus Vitality Technology?
At Octopus, we’ve lengthy believed that it’s in the end individuals such as you and me who will drive the inexperienced vitality revolution. We’re continuously looking for funding, constructing the very newest in high-tech inexperienced technology and producing an increasing number of inexperienced electrons for Octopus prospects – and the world past. With you behind us, Octopus Vitality Technology is actually making people-powered renewables a actuality.
