Octopus Energy Has Secured Funding From The Department For Business

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Octopus Energy has secured funding from the Department for Business, Energy & Industrial Strategy (BEIS) for two new EV charging infrastructure projects.

The first project, Agile Streets, will develop a new business model to encourage EV drivers to switch to a flexible charging schedule while connected to new on-street charge points.

SmartSteps will combine smart meter technology with novel charging points developed as part of the Innovate UK STEP project. The charge points are slotted into the pavement and accessed via a lance issued to users.

Agile Streets and SmartSteps are the only projects to be funded under the government’s Beyond Road program. Both projects are investigating how intelligent measurement systems can be used to optimise on-street EV charging with the aim of balancing the grid.

UK Expansion

The UK energy market has traditionally been dominated by large utilities, led by Centrica Plc. Octopus Energy hopes to reach around 5 million homes in the UK by 2020, compared with around 1.6 million today.

Octopus Energy’s software platform aims to capture 50% of the domestic energy market by 2020, with the aim of supplying 1.5 million homes in the UK by 2030.

In an interview with the company’s London office, Greg Jackson said that Octopus Energy has been expanding into international markets, including Australia and Germany, with the aim to reach 100 million customers worldwide by 2027. That rate will hopefully accelerate as more customers recommend Octopus Energy to friends and family, which is what is driving exponential growth, he said.

There were 57 companies on the market in July 2020, compared with 64 in June 2019. Several smaller providers have now gone bust and Octopus Energy is saying that there are no plans to list the company, according to a statement from his company’s London office.

The company gained 70,000 customers from Engie SA’s UK retail business in January and Jackson plans to continue Octopus’s expansion by attracting more customers and acquiring competitors. 

Origin Energy Acquisition

In May 2020, Octopus Energy agreed to sell part of the business to Australia’s Origin Energy for over £300 million, giving the company the opportunity to expand its international growth opportunities and invest in green energy technologies, according to the UK energy company. 

Origin Energy has secured funding from the Department for Business, Innovation and Skills (DfB) and the Energy and Climate Change Agency (ECA) to help businesses cut costs and expand their customer base in Europe, Asia, the Middle East and North Africa.

Origin Energy CEO said, he was pleased to announce Origin Energy’s commitment to a cleaner and cheaper green energy transition as he outlined the company’s vision for the future of renewable energy in the UK and the global energy market. 

As one of the world’s leading energy companies, Octopus Energy is currently valued at more than £1 billion, which could make it the most valuable energy company in an increasingly competitive UK energy market dominated by several long-established groups and includes rival green energy provider OVO

Octopus Energy has also invested in a portfolio of energy services including energy storage, wind, solar and hydro. It currently supplies both gas and renewable energy to the London Underground, London Electric Power Station (LEP) and London Water.

Jackson added that Origin Energy has also committed to closing all of its coal-fired power stations in the UK by 2030, with closure imminent as its technology allows fossil fuels to be replaced by renewables. Jackson, who highlighted the company’s commitment to source 25 per cent of its total energy capacity from renewable sources by the end of this year, argued Origin needed to support its ambitions and renew its belief that they needed to become environmentally friendly.

Origin CEO Frank Calabria said the Octopus platform would provide customers with technology that can integrate multiple services into one bill, provide a more efficient and cost-effective – effective energy management system and accelerate demand-side management capabilities. Origin Energy, for its part, plans to transfer Kraken platform to its own energy services business, which could help reduce the cost of capital and achieve its 100 per cent renewable energy target by 2030.

 

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