Octopus Energy’s generation arm has invested £200m (€232.2m) in London-based data centre firm Deep Green to help the company expand its operations across the UK and accelerate the adoption of its technology.
Octopus Energy Generation, investing on behalf of its Octopus Energy Transition Fund and the Sky Fund, is backing Deep Green, a company that has developed a technology that turns the excess heat generated by its data centres into free hot water for several organisations, including public swimming pools and district heating networks.
Zoisa North-Bond, the CEO of Octopus Energy Generation, said: “To tackle the energy crisis head-on, we need innovative solutions to unusual problems. By using excess heat from data centres to slash energy bills for communities across the UK, Deep Green solves two problems with one solution.
“We’re looking forward to them rapidly rolling this out and positively impacting even more people as we drive towards a cleaner, cheaper energy future.”
Mark Bjornsgaard, who founded Deep Green in 2016 and acts as CEO, said: “We are thrilled with Octopus’s commitment to support our next phase of growth. Placing data centres within the fabric of society transforms the waste heat they produce into a valuable resource that benefits communities.
“The data centre sector is rightly facing scrutiny about its growing energy demand and associated carbon emissions. Our data centres are highly energy efficient and support local communities with free heat.”
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