Octopus Energy acquires majority stake in Uplight to scale flexible grid solutions across North America

Octopus Energy has acquired a majority stake in Uplight, a provider of customer engagement and flexibility management solutions serving over 85 utilities across North America. The transaction was completed in partnership with Schneider Electric, which will remain a minority partner. Uplight manages over 8.5 GW of flexible load across the US and will continue to operate as an independent platform focused on customer-centric flexibility management. The investment enables Octopus Energy to bring its expertise in managing flexible energy systems, including the world's largest virtual power plant with 350,000+ enrolled electric vehicles, into the US utility market at scale. Kraken, the operating system for utilities originally developed by Octopus Energy Group and now operating as an independent global technology business, will explore collaboration with Uplight to combine customer operations capabilities and flexibility orchestration expertise.

Counterparts (5)

target

Uplight

company

Uplight is a leading technology partner for electric and gas utilities, offering an integrated suite of software solutions for customer engagement, demand-side management, and grid optimization. Their platform helps utilities accelerate the clean energy transition by enabling smarter energy use and managing distributed energy resources.

parent_company

Octopus Energy Group

company

London-based energy technology and retail company serving 7.2 million retail customers and 40,000 business customers across 18 countries. Operates Kraken energy technology platform managing 52 million contracted accounts, with valuation of $8 billion as of 2023.

Partner

K

Kraken

company

No relevant information found. The provided content appears to be from a Google Books page for a 1801 French natural history book about mollusks by Pierre Denys de Montfort, not related to any infrastructure company named Kraken.

Schneider Electric

company

Schneider Electric is a global company focused on energy management and automation solutions. They provide technologies and services to improve energy efficiency, sustainability, and reliability across various sectors, including buildings, infrastructure, industry, and data centers.

Buyer

Octopus Energy

company

Octopus Energy is a global energy technology company and renewable energy investor, headquartered in London, UK. It operates as a major energy retailer, develops energy technology (Kraken), and through Octopus Energy Generation, manages over $8.8 billion in renewable energy assets globally, with a focus on solar, wind, and battery storage across Europe, North America, and Australia.