Saturday, May 15, 2021

Octopus Energy Group establishes new tech hub in Manchester with acquisition of Upside Energy

  • Innovation centre to focus on EnTech, data science and AI
  • Move is key part of Octopus’s plan to make UK the ‘Silicon Valley of Energy’

Tech unicorn Octopus Energy Group today announces the acquisition of Upside Energy, a leading energy software company based in Manchester. The move establishes the base of UK energy pioneer Octopus’s new technology innovation centre, first announced during a visit by the Prime Minister and the Chancellor to the company’s London office at the start of the month.

The new energy technology (EnTech) hub will play a pivotal role in achieving Octopus Energy’s ambition of making the UK the ‘Silicon Valley of Energy’. It will help develop the smart grid technologies required for a green energy system and the electrification of transport and heating. Octopus Energy’s teams in Manchester, London and Silicon Valley will work closely together to help deliver digital solutions that automatically warm homes and charge cars when energy is greenest.

Upside Energy was founded in 2014 with a vision to enable people to make greener energy choices. Its cloud-based platform connects with clean energy technologies such as electric vehicles, heat pumps and batteries, allowing it to manage those devices to match real-time energy demand and supply. This helps to balance the grid and enables customers to capitalise on cheaper, greener power. Upside has established an impressive customer base with both utilities and asset owners across the energy industry which Octopus plans to build on whilst rapidly expanding Upside’s capabilities internationally and into the consumer sphere.

Read More: Role of Innovation Teams During and Post COVID-19

The integration of Upside’s data science and AI expertise will add further capabilities to Octopus’s proprietary cloud-based technology platform ‘Kraken’. The scalable platform, which is now contracted to serve 17 million energy accounts globally, is designed to drive the smart grid globally, giving customers access to cheaper electricity when the grid is greener. The new partnership will enable ‘Kraken’ to automatically manage energy devices, adding another layer to its tech stack offering. The fast-growth disruptor is targeting 100 million energy accounts on its platform by 2027.

Greg Jackson, CEO and founder of Octopus Energy Group, said:

“I’m hugely impressed by Upside’s team and efforts in building a deep-tech platform that does fantastic things with real-time energy, connected home devices, and renewables. Forward-thinking businesses like Upside are one of the reasons why I’m convinced that we can make the UK the ‘Silicon Valley of Energy’. We’re delighted to welcome these brilliant minds into our team to drive the green EnTech revolution here in the UK and abroad.”

Read More: IoT Devices: A threat to Security?

Upside Energy CEO Devrim Celal said:

“I’m really excited about Upside as we become part of Octopus Energy Group and take advantage of the opportunities this acquisition will bring. We are joining forces with a like-minded team that share our ambitions to play a major role in achieving the transition to a net-zero world. Together, we have the opportunity to drive global growth and continue to develop our brilliant team to solve the complex challenges ahead.”

Latest news

Fast-Growing Fintech Company, Finexio, Announces Appointment of Joe Proto to Board of Directors

Orlando-based "AP Payments as a Service" company Finexio today announced the appointment of Joe Proto, EVP Senior Advisor at Mastercard, to its Board of Directors. Proto brings...

TechPACT Organization Dedicates Mission to Leading the Charge for Inclusion and Equity in the Technology Industry TechPACT

Founded by a group of impassioned CIOs and technology leaders, TechPACT makes commitments to address inequality within the technology space. Founders pledge to reduce...

Investis Digital Partners with DBSA and Mind to Promote Mental Wellness and Support Physical Health

Investis Digital, a leading global digital communications company, announced that it embarked on a global initiative to empower its employees to take charge of...

Wurl Plots Global Expansion with the Addition of Five Media Industry Veterans to Lead Business Development, Content Strategy, and Sales

Continuing to accelerate its growth and expansion in the US and around the world, Wurl, the leading provider of streaming video distribution and advertising services...

FinScan® Unveils Focus, Its Next-Generation, AI-Powered AML Screening Engine

FinScan, a global leader in anti-money laundering (AML) compliance solutions, today announced the launch of its latest screening engine, Focus. FinScan Focus integrates advanced...

The Evolving World of B2B Marketing Strategies

The way forward for B2B marketing is a clear focus on three things-the customers, technology, and of course, the martech stack that works best-...

Related news

Fast-Growing Fintech Company, Finexio, Announces Appointment of Joe Proto to Board of Directors

Orlando-based "AP Payments as a Service" company Finexio today announced the appointment of Joe Proto, EVP Senior Advisor at Mastercard, to its Board of Directors. Proto brings...

TechPACT Organization Dedicates Mission to Leading the Charge for Inclusion and Equity in the Technology Industry TechPACT

Founded by a group of impassioned CIOs and technology leaders, TechPACT makes commitments to address inequality within the technology space. Founders pledge to reduce...

Investis Digital Partners with DBSA and Mind to Promote Mental Wellness and Support Physical Health

Investis Digital, a leading global digital communications company, announced that it embarked on a global initiative to empower its employees to take charge of...

Wurl Plots Global Expansion with the Addition of Five Media Industry Veterans to Lead Business Development, Content Strategy, and Sales

Continuing to accelerate its growth and expansion in the US and around the world, Wurl, the leading provider of streaming video distribution and advertising services...

LEAVE A REPLY

Please enter your comment!
Please enter your name here