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Octopus Energy has launched a joint venture to slash energy costs for businesses. Octopus, which is rivalled by British Gas, EDF, EON, Ovo and more, has teamed up with German Energiequelle. The joint venture OQTO-X will cut energy costs for businesses in Germany, Austria, Poland and the Czech Republic, it is hoped. It will let businesses save by planning and installing solar panels and large-scale batteries, overseeing financing, and helping them efficiently manage the generated energy. The business aims to invest €200 million (£173m) by 2030 through Octopus’s landmark‘ Sky fund (ORI SCsp), helping to slash industrial carbon emissions and energy costs. READ MORE Free bus passes could be extended to one group of under 66s Germany, home to energy-intensive sectors such as chemicals, metals, and steel, ranks among Europe’s top industrial greenhouse gas emitters – with industry accounting for roughly 24% of the country’s total emissions in 2024. With over 1.7 GW of clean energy projects across the globe, Energiequelle is one of Germany’s driving forces in the renewables sector. This marks Octopus Energy’s 10th investment in German renewables in three years, and a major step toward its target of channelling €1 billion into the country’s Energiewende. It now manages over 3.3 GW of solar and wind projects across Germany. OQTO-X is Octopus’s latest investment in the European C&I sector, building on successful energy deals in the UK, Ireland, Italy, Portugal and Spain. Germany is Octopus’s second-biggest market after the UK. The company recently reached a major milestone, powering 1 million German homes – the first country outside the UK where Octopus has achieved this feat. Last month, the global energy and tech business announced it is launching Octopus Electric Vehicles, the UK’s largest EV-only leasing business, in Germany early next year. Zoisa North-Bond, CEO von Octopus Energy Generation, said: “We're working relentlessly to drive the global energy revolution and make energy better for people and businesses. “We're hugely excited to partner with Energiequelle to bring even more clean energy to Germany, Austria, Poland and the Czech Republic – home to some of Europe’s largest industrial centres – and help decarbonise industry in the region.” Michael Raschemann, Managing Director and Founder at Energiequelle, said: “We see clear benefits in directly supplying companies with locally generated green electricity, making it a forward-looking business area for our company. "Our goal is to provide energy from our plants in a way that’s demand-oriented, reliable, and cost-effective."
