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Retail Supplier Parent Completes Investment In Uplight, Targets $1 Billion In Customer Savings
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Uplight and Octopus Energy Group today announced that Octopus Energy has closed its previously reported investment in Uplight, as Octopus takes a majority stake in Uplight
Uplight will continue to operate as an independent company, "leveraging the strategic investment to build on its leadership in customer-centric flexibility management," Octopus said
"The investment supports Uplight's next phase of growth, including targets of $1 billion in customer savings and more than doubling flexible capacity to 20 GW over the next five years," Octopus said
Nick Chaset has been named Chief Executive Officer of Uplight, a role he will hold alongside his position as CEO of Octopus Energy US.
As CEO of Octopus Energy US, Chaset leads both retail electricity and flexibility services
"Uplight has delivered what the market needs: measurable flexible load capacity resources targeted to grid priority locations," said Nick Chaset, CEO of Octopus Energy US and Uplight. "Octopus Energy’s investment will accelerate Uplight's growth and impact to 20 GW and $1 billion of customer savings by extending and expanding the platform utilities need to meet rapidly rising demand."
Uplight and Octopus Energy will also introduce two of Octopus Energy’s global products into the Uplight solution suite:
• Octopus Shift, a customer engagement app making its US debut, which gives customers a single place to sign up and participate in their utility's flexibility programs. "The app makes enrollment simple and keeps customers engaged over time, rewarding them for participating and turning that engagement into grid capacity utilities can count on," Octopus said
• Octopus PowerStore, which deploys residential battery storage on a turnkey basis with no upfront cost to customers, "removing one of the biggest barriers to home battery adoption." Octopus said that, "This gives utilities dispatchable storage they can rely on to manage peak demand, while making storage accessible to a broader range of customers than cost alone would otherwise allow."
"Octopus Energy brings its own scale to the partnership. The company operates the world's largest virtual power plant and delivers its technology and customer engagement products to 11 million households across 27 countries," Octopus said
Schneider Electric, an existing investor in Uplight, continues its backing in Uplight alongside Octopus Energy's new majority stake
Today, Uplight manages 8.5 gigawatts (GW) of flexible load across more than 85 utilities and over 75 ecosystem partners, including eight of the ten largest utilities in the country. In 2026, Uplight reached over 1 million customer devices enrolled across its multi-DER demand response and virtual power plant programs and, in the 2025 season, tripled the flexible capacity created through these programs.
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September 1, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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