Octopus’s acquisition of Upside Energy – SYSTEMIQ’s first investment, back in 2017 – highlights the types of smart grid technology that are driving the shift to a greener energy system.
The integration of Upside’s data science and AI expertise is part of Octopus’s plan for a new energy technology hub to help develop smart grid technologies and the electrification of transport and heating. In particular, it will support the development of Octopus’s cloud-based technology platform, ‘Kraken’, and ultimately give customers more automatic access to greener, cheaper energy.
Upside Energy was founded in 2014 with a vision to enable people to make greener energy choices. Its 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. 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.
“Upside Energy was SYSTEMIQ’s first investment in December 2017, and I have been personally honoured to serve on their board until now.” says Irena Spazzapan (above), partner at SYSTEMIQ and the head of its strategic investment vehicle. “We are delighted to see Upside’s great team transitioning to one of Europe’s fastest-growing energy groups and are confident that Octopus will benefit substantially from the acquired capabilities.”
Read more about the deal.
Read more about accelerating business innovation at SYSTEMIQ.
