Octopus Energy acquires majority stake in Uplight to enhance grid capacity
Article excerpt
Octopus Energy Group acquired a majority stake in Uplight, a company that provides customer engagement and solutions to transform customer participation into grid capacity. Uplight serves more than 85 utilities across North America, including eight of the ten largest in the U.S. The investment gives utilities the tools to modernize their grid operations and strengthen resilience as AI-driven data centers, electrification and distributed energy increase electricity demand across North America. By connecting customer participation more directly to grid operations, utilities can unlock capacity faster and more affordably than traditional infrastructure build-outs. What Uplight does is enable households and businesses to participate in flexibility programs, turning distributed energy resources into reliable capacity that utilities can deploy when the grid needs it. Octopus Energy Group is a leader in managing flexible energy systems. It operates the world’s largest virtual power plant, with more than 350,000 electric vehicles enrolled worldwide. The company enables millions of customers to lower their energy bills through demand-side flexibility tariffs. The investment in Uplight means Octopus Energy, based in London, will bring this expertise into the U.S. market at scale by working directly with utilities to unlock flexible capacity and support more resilient power systems...
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The acquisition is made in partnership with Schneider Electric, which will remain as a significant minority partner.
