British energy retailer Octopus Energy intends to launch a new European tech hub in Paris as part of a broader initiative to invest some EUR 1 billion (USD 1.07bn) in green energy projects in France.
The investment is planned to be made over the next two years, the UK firm said on Friday during the 36th Franco-British Summit attended by French President Emmanuel Macron and British Prime Minister Rishi Sunak.
While it did not disclose specific details about its proposal, Octopus Energy said that the capacity to be installed will provide power generation for around 300,000 homes. The plan is seen to add new customers to the company’s client base in France and help the country support its energy transition agenda.
“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,” said Vincent Maillard, CEO of Octopus Energy France.
Kraken, the UK retailer’s tech subsidiary, will be tasked with establishing the European tech hub, which the British firm says will open hundreds of clean energy jobs.
London-based Octopus Energy, among whose investors are Generation Investment Management and Canada Pensions Plan Investments Board, stepped on the French market in early 2022 when it bought local energy supplier Plum Energie. Its goal is to have one million customers in France by 2026. (March 13, 2023)
UNITED KINGDOM - FRANCE - GREENH2 - Production