Octopus Energy Generation has partnered with German renewable energy developer Energiequelle to establish a joint venture named OQTO-X. This initiative is designed to assist commercial and industrial businesses in Germany, Austria, Poland, and the Czech Republic in reducing energy costs and carbon emissions. The venture will focus on the planning and installation of solar panels and large-scale battery systems, as well as managing the financing and energy produced by these installations.
The launch of OQTO-X comes at a significant time for Octopus Energy, which recently celebrated a milestone of powering 1 million homes in Germany, marking its first major achievement outside the UK. The company has committed to investing €200 million (£173 million) through its Sky fund by 2030, aiming to support the transition to fossil-free energy production and contribute to Germany’s energy transformation, known as the Energiewende.
Germany is a key market for Octopus Energy, being the company’s second-largest market after the UK. The country is home to energy-intensive industries, including chemicals, metals, and steel, which collectively accounted for approximately 24% of Germany’s total greenhouse gas emissions in 2024. The establishment of OQTO-X is seen as a crucial step in addressing these emissions while also providing cost-effective energy solutions for businesses.
Energiequelle, with over 1.7 GW of clean energy projects globally, is recognized as a leading force in the renewable energy sector in Germany. The joint venture is expected to leverage this expertise to deliver locally generated green electricity directly to companies, enhancing reliability and cost-effectiveness.
Zoisa North-Bond, CEO of Octopus Energy Generation, emphasized the company’s commitment to driving the global energy revolution and expressed enthusiasm about the partnership with Energiequelle. She noted the importance of decarbonizing the industrial sector in regions with significant energy demands.
Michael Raschemann, Managing Director and Founder of Energiequelle, highlighted the advantages of supplying businesses with green electricity generated from local sources, framing it as a forward-looking business strategy.
As Octopus Energy continues to expand its footprint in the European market, OQTO-X represents its tenth investment in German renewables within three years, further solidifying its role in the transition to sustainable energy solutions across the continent.
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