Octopus Energy Generation is investing nearly $1 billion in California clean technology projects, deepening its commitment to the U.S. energy transition and accelerating plans to deploy $2 billion nationwide by 2030.
The financing, delivered through Octopus-managed funds, includes carbon removal, thermal battery technology and solar-plus-storage infrastructure, strengthening the company’s strategy to support next-generation decarbonization facilities in developed markets.
Octopus will support two California-based carbon removal companies focused on grassland restoration and reforestation, converting degraded land into high-value carbon-absorbing assets. Several major technology companies have already agreed to purchase carbon credits from the projects to ensure long-term revenue transparency.
The investor will also support thermal battery technology developed in the Bay Area, aimed at decarbonizing hard-to-electrify industrial processes. The systems are designed to replace fossil fuel boilers with renewable energy thermal storage, cutting emissions in sectors that have proven difficult to transition.
As part of the investment offensive, Octopus is acquiring a solar and battery storage project in California. The site is expected to be fully operational in July 2026 and will help convert the state’s abundant solar resources into dispatchable, low-cost electricity.
The announcement builds on previous North American investments, including support for floating offshore wind developer Ocergy and solar projects in Ohio and Pennsylvania.
With this move, Octopus expands its international presence while maintaining close relationships with the UK market. The UK’s clean energy economy grew three times faster than the wider economy in 2024, according to CBI data, and Octopus said foreign investment would ultimately support the UK’s earnings and expertise.
Zoisa North-Bond, chief executive of Octopus Energy Generation, said California’s political environment and technology ecosystem make it an attractive long-term partner.
“Octopus and California are both leaders in clean energy innovation,” she said. “With the supportive policies and world-class entrepreneurship in and around Silicon Valley, it is an ideal place to support investment that will benefit the UK economy.”
California currently generates more than two-thirds of its electricity from clean sources and aims to reach 100 percent by 2045, making it one of the most ambitious energy transition markets in the world.
The announcement came during a visit by the Governor of California to Octopus’ London headquarters and underscores growing transatlantic collaboration on clean technologies and infrastructure investments.
