Parent Of Texas Retail Provider Acquires DER Management Platform; Data Science & AI Expertise

November 3, 2020

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Reporting by Paul Ring • ring@energychoicematters.com

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Octopus Energy Group, which recently acquired Texas retail electric provider Evolve Energy, announced the acquisition of Upside Energy, an energy software company based in the United Kingdom

Upside Energy's 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," Octopus said

"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," Octopus said

"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," Octopus said

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."

Octopus said that the acquisition establishes the base of Octopus's new technology innovation center in Manchester, UK

"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'," Octopus said

"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 which automatically warm homes and charge cars when energy is greenest," Octopus said

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