Octopus Energy has announced it will invest €1 billion (£880 million) into the French green energy market over the next two years, as the energy supplier plans to make Paris its EU technology hub.
The funding will strengthen the company’s presence in France, following its acquisition of Plüm énergie in January 2022 which it re-branded to Octopus Energy France.
Launched through Octopus’ subsidiary Kraken, its new technology hub promises to help millions of customers across Europe save on their energy bills as well as providing hundreds of clean energy jobs.
Like its UK counterpart, Octopus Energy France rewards its customers for using less energy and, according to Octopus, its customers already use 10% less energy than the average French household.
Announcing the company’s plans during the 36th Franco-British Summit last Friday (10 March), Greg Jackson, CEO and founder of Octopus Energy said:
“Octopus operates across 10 European countries, and today 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.”
Octopus intends to maintain its momentum in the French market by targeting one million customers in France by 2026.