Octopus Energy Invests in Floating Offshore Wind Tech Company

Business & Finance

May 1, 2024, by Adnan Memija

Octopus Energy’s generation arm has invested in US-headquartered Ocergy to boost the development of floating offshore wind farms globally.

According to Octopus, Ocergy has an innovative approach to designing and manufacturing floating foundations, reducing the time and cost of building them.

Ocergy is pioneering a hyper-local supply chain approach, working with local manufacturers and creating green jobs in the areas where the wind turbines are installed, said the company.

Further efficiencies are unlocked through Ocergy’s lighter and modular designs which make the turbine foundations easy to transport and assemble at their final destination, according to the press release.

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The investment, made on behalf of Vector, Octopus Energy’s offshore wind fund launched at the end of last year, is said to help commercialise Ocergy’s tech and fuel the company’s expansion into new markets.

In addition, it will enable it to grow its environmental data and biodiversity monitoring system, said Octopus.

“It will empower us to scale up our operations and concentrate on delivering both pre-commercial and large-scale floating offshore wind projects,” said Dominique Roddier, CEO of Ocergy.

Ocergy is already working with over a dozen major developers across multiple GW of projects, with their first foundations to be installed by 2025/2026.