Octopus Energy sets sights on France with $1bn green investment and tech hub
UK energy retailer Octopus Energy has announced plans to invest €1 billion ($1.07 billion) in France to further develop the country’s green energy market over the next two years.
The investment will be used to expand the company’s French customer base to 1 million customers by 2026 and to generate local green power to supply 300,000 households.
Also, Octopus Energy is planning to launch a new European tech hub in Paris through its subsidiary Kraken. The new hub will help the company support customers across the continent.
The plans were announced at the 36th Franco-British Summit, chaired by Prime Minister Rishi Sunak and French President Emmanuel Macron in Paris.
Have you read?
Energy efficiency targets and rules to be upped in Europe
US and EU to strategise EV mineral incentives
Octopus Energy CEO and founder Greg Jackson commented on the announcement: “Octopus operates across 10 European countries, and today we’re delighted to announce a huge increase in our cooperation with France.
“We’re planning to invest an extra billion Euros in French generation – but we’re also going to make Paris our EU technology hub. This is testament to the mutual commitment to investing in a clean energy system, and pioneering the digitisation which will drive costs down alongside carbon.”
Octopus Energy first entered the French market in January 2022 with its acquisition of French energy supplier Plüm énergie.
Since then, Octopus Energy France has been focused on providing innovative products and customer service to help and reward French households for lower energy consumption.
According to the energy company, its customers already use 10% less energy than the average French household.
Vincent Maillard, CEO of Octopus Energy France, commented: “We are very proud to see Octopus Energy’s role in France’s energy transition recognized at the highest level of the French government.
“In doing so, the group combines retail energy expertise, major investments in renewable generation and cutting-edge technology to unlock innovative tariffs and deliver an outstanding customer experience to French households.”
