Octopus Energy Generation, a European investor in renewable energy, is investing nearly $1.0 billion in California’s ‘next-gen’ tech scene – deepening its foothold in one of the world’s more 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 CO2absorbing assets – with several big tech companies already lined up as carbon credit offtakers, the company reports. The funding will also invest in heat batteries to help speed up the decarbonization of hard-to-electrify industries. Developed in the 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, which is expected to become fully operational by July 2026.