Uplight will continue to operate as an independent company, utilising the strategic investment to build on its leadership in customer-centric flexibility management. It is targeting $1 billion in customer savings.
Nick Chaset has been named Chief Executive Officer of Uplight, as he currently leads both retail electricity and flexibility services, giving him direct operating experience in the same customer participation and grid flexibility models Uplight partners with utilities to scale.
“Uplight has delivered what the market needs: measurable flexible load capacity resources targeted to grid priority locations” said Mr Chaset. “Octopus Energy’s investment will accelerate Uplight's growth and impact to 20 GW and $1 billion of customer savings by extending and expanding the platform utilities need to meet rapidly rising demand.”
Uplight and Octopus Energy will also introduce two of Octopus Energy’s global products into the Uplight solution suite:
Octopus Shift, a customer engagement app making its US debut, gives customers a single place to sign up and participate in their utility's flexibility programmes. The app makes enrolment simple and keeps customers engaged over time, rewarding them for participating and turning that engagement into grid capacity utilities can count on.
Octopus PowerStore deploys residential battery storage on a turnkey basis with no upfront cost to customers, removing one of the biggest barriers to home battery adoption. This gives utilities dispatchable storage they can rely on to manage peak demand, while making storage accessible to a broader range of customers than cost alone would otherwise allow.
Schneider Electric, an existing investor, will continue its support alongside Octopus Energy's new majority stake. Together, the companies will accelerate grid flexibility and demand-side management, enabling utilities to transform distributed energy resources into scalable, reliable, and cost-effective capacity that supports grid modernisation and the energy transition.
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