1. Octopus Energy invests in US-based Ocergy, a floating offshore wind technology company.
2. Ocergy’s hyper-local supply chain strategy aims to make floating offshore wind farms more affordable globally.
3. The investment will support Ocergy’s expansion into new areas and aid in the commercialization of its technology.
Octopus Energy, a UK-based company, has made an undisclosed investment in Ocergy, a US-based floating offshore wind technology company. The companies aim to make floating offshore wind farms more affordable globally through Ocergy’s hyper-local supply chain strategy, which involves working with local manufacturers to create green jobs in regions where the wind turbines are installed. Ocergy’s lighter and modular foundation designs are said to offer efficiencies in transportation and assembly of turbine foundations at their intended locations. The company is already engaged with major developers across multiple gigawatts of projects, with plans to install the first foundations by 2025/26. Octopus Energy anticipates that its investment will support Ocergy’s expansion into new areas and aid in the commercialization of its technology, boosting the growth of advanced environmental data and biodiversity monitoring systems. Floating foundations are particularly crucial for regions with deep coastlines where seabed-fixed foundations are impractical, presenting immense potential for the technology in harnessing offshore wind resources. Additionally, Octopus Energy’s investment in Lintas Green Energy aims to develop new wind and solar farms to achieve a clean energy capacity of 1GW by 2030.