Britain’s third-largest energy supplier Octopus Energy is to invest Euro 1 billion in France’s green energy market over the next two years.
The investment will be used to accelerate the energy transition in France and generate enough local green power to supply 300,000 households.
Building on its investments already made in the country, the company is launching a new European tech hub in Paris through its subsidiary Kraken. The new hub will create hundreds of clean energy jobs and support millions of customers across the continent.
Octopus Energy first entered the French market in January last year with its acquisition of energy supplier Plüm énergie. The company is now targeting 1 million customers by 2026 in France.
Octopus Energy France says its customers already use 10% less energy than the average French household. Octopus says it is committed to continue innovating to help French consumers use less, but stay warm.
Announcing the plans at Friday’s 36th Franco-British summit chaired by Prime Minister Rishi Sunak and French President Emmanuel Macron – pictured – in Paris, Octopus Energy CEO Greg Jackson commented: “Octopus operates across ten European countries, and we’re delighted to announce a huge increase in our cooperation with France.
“We’re planning to invest an extra billion Euros in French generation – but we’re also going to make Paris our EU technology hub. This is testament to the mutual commitment to investing in a clean energy system, and pioneering the digitisation which will drive costs down alongside carbon.”
Vincent Maillard, CEO of Octopus Energy France, commented: “We are very proud to see Octopus Energy’s role in France’s energy transition recognized at the highest level of the French government.
“In doing so, the group combines retail energy expertise, major investments in renewable generation and cutting-edge technology to unlock innovative tariffs and deliver an outstanding customer experience to French households.”