The carbon removal companies are 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 heat batteries are being developed in the innovation-driven Bay Area, allowing the exchange of 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 US energy transition by 2030.
Over half a million people are already employed in the green sector in California, creating four times as many clean energy jobs as the state is creating in all other areas of its currently booming economy. The state is also already generating more than two-thirds of its electricity from clean sources with plans to achieve 100 renewables by 2045.
“Octopus and California are both leading the way in clean energy innovation” said Zoisa North-Bond, CEO at Octopus Energy Generation. “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 US 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 US business, Octopus already powers thousands of homes in Texas with clean energy and bringing smart, money-saving tariffs to people across the region.
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