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Octopus invests £200m in Deep Green’s heat re-use technology

Mark Bjonsgaard, CEO of Deep Green, at Exmouth Leisure Centre. Credit: Deep Green

Octopus Energy has committed an investment of £200 million in British start-up Deep Green to help it scale its waste heat re-use technology across the UK. 

Deep Green is using waste heat produced by a small edge data centre – or ‘digital boiler’ – to provide free heat for energy-intensive organisations like leisure centres. Earlier this year, it helped a public swimming pool in Devon reduce its pool heating bill by over 60% – with Deep Green benefitting from free cooling in return.

According to Deep Green, its data centres don’t require additional grid upgrades or planning permission, enabling them to be operational in a matter of weeks. 

Zoisa North-Bond, CEO of Octopus Energy Generation, said, “To tackle the energy crisis head-on, we need innovative solutions to unusual problems. By using excess heat from data centres to slash energy bills for communities across the UK, Deep Green solves two problems with one solution. We’re looking forward to rapidly rolling this out and positively impacting even more people as we drive towards a cleaner, cheaper energy future.” 

We are thrilled with Octopus’ commitment to support our next phase of growth. Placing data centres within the fabric of society transforms the waste heat they produce into a valuable resource that benefits communities”, added Mark Bjornsgaard, Founder and CEO of Deep Green.

“The data centre sector is rightly facing scrutiny about its growing energy demand and associated carbon emissions. Our data centres are highly energy efficient and support local communities with free heat.”

The investment has come from the Octopus Energy Transition Fund (OETF) and the Sky (ORI SCSp) fund it manages. OETF launched in 2023 to help scale companies in fast-growing sectors that are helping to decarbonise society.

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