Octopus Invests £200m in Deep Green's Heat Tech
Octopus Energy's generation branch has invested £200 million in London-based tech disruptor Deep Green, aiming to accelerate the expansion of its innovative technology throughout the UK.
Deep Green's unique business model harnesses the heat generated during data processing, using it to provide free heat for energy-intensive entities like leisure centres. Collaborating with Deep Green enabled a public swimming pool in Devon to cut its heating bill by over 60%.
In return for its services, Deep Green receives free cooling, giving it a competitive advantage over traditional data centres. This allows Deep Green to offer more affordable and highly energy-efficient computing solutions to businesses across the UK.
Deep Green's clientele, including York University, relies on data centre processing for various applications such as AI, machine learning, video rendering, and cloud applications. Deep Green's on-site data centres, situated, for instance, in swimming pools, can be operational in a matter of weeks without the need for additional grid upgrades or planning permission.
The investment is made through Octopus' dedicated Octopus Energy Transition Fund (OETF) and the Sky (ORI SCSp) fund under its management.
Zoisa North-Bond, CEO of Octopus Energy Generation, said, "To address the energy crisis, we need innovative solutions to unique problems. Deep Green's approach not only reduces energy bills for communities but also repurposes excess heat from data centres. We are eager to rapidly implement this solution and positively impact more people as we move towards a cleaner, more affordable energy future."
Mark Bjornsgaard, Founder and CEO of Deep Green, commented: “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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Source: Octopus Energy
