Octopus Energy Group, a UK-based clean energy technology firm, has announced the acquisition of a majority stake in Uplight, a grid flexibility technology provider. This strategic move is intended to enable Octopus Energy to assist utilities in managing the surge in electricity demand across North America, driven by the expansion of data centres and increased electrification.
Founded in 2019, Uplight is based in Colorado and specialises in solutions that enhance grid capacity through customer engagement and flexibility management. These solutions allow utilities to increase flexible capacity more swiftly and cost-effectively than traditional infrastructure expansions. Currently, Uplight serves more than 85 utilities across North America, including eight of the ten largest in the United States, managing over 8.5 gigawatts of flexible load with demand response, distributed energy resource management, and customer engagement solutions.
Octopus Energy stated, “Electricity demand in the U.S. is surging, driven by AI data centres and the rapid growth of electrotech like EVs, batteries and solar. Utilities need new ways to keep the grid reliable and affordable.”
The acquisition is conducted in partnership with Schneider Electric, an existing investor in Uplight. Schneider Electric invested in Uplight in 2021, valuing the company at $1.5 billion. Following the transaction, Schneider Electric will remain a significant minority partner. Frédéric Godemel, Executive Vice President, Energy Management at Schneider Electric, remarked, “Our continued commitment to Uplight reflects a shared focus on connecting customer programs more directly to grid operations. Uplight’s platform will help transform distributed energy resources into reliable, market-ready capacity, and we will support their mission to make energy more flexible, clean and affordable.”
Octopus Energy believes this transaction will introduce its expertise in managing flexible energy systems to the U.S. market on a large scale. Uplight’s established relationships with U.S. utilities and proprietary engagement and flexibility technology will complement Schneider Electric’s advanced distribution management systems (ADMS) and its “OneDERMS” platform, which connects demand-side flexibility with grid operations.
Additionally, Octopus Energy’s recently spun-out AI-powered utility technology business, Kraken, will explore collaboration with Uplight, focusing on customer operations capabilities and flexibility orchestration. Nick Chaset, CEO of Octopus Energy U.S., commented, “This partnership brings together Octopus’s world-leading expertise in flexibility, Schneider Electric’s grid intelligence and Uplight’s deep relationships with leading U.S. utilities to turn customer participation into dependable grid capacity. Together, we can help accelerate the shift to a smarter, more resilient and more affordable energy system.”
Luis D’Acosta, CEO of Uplight, added, “Uplight has always been committed to unlocking grid capacity by empowering the energy consumer. With the strategic backing of Octopus Energy and Schneider Electric, Uplight is uniquely positioned to bridge the gap between customer participation and grid operations.”
