- Investment will speed up roll-out of innovative technology into more public swimming pools and district heat networks
- Deep Green slashes energy bills by giving organisations free heat
- Funding provided by Octopus Energy Transition Fund to back fast-growing companies accelerating the move to net zero
London, 15th January 2024 – Octopus Energy’s generation arm has revealed a £200 million investment in Deep Green, a London-based tech disruptor. This infusion of funds aims to expedite the deployment of innovative technology in various public swimming pools and district heat networks across the UK.
Deep Green’s groundbreaking approach involves repurposing the heat generated during data processing to offer free heating for energy-intensive organizations like leisure centers. A prime example is a public swimming pool in Devon, which, in collaboration with Deep Green, achieved a remarkable 60% reduction in its pool heating expenses.
In exchange for providing free heat to its partner organizations, Deep Green benefits from complimentary cooling, giving it a significant competitive advantage over traditional data centers. This unique model enables Deep Green to deliver more affordable and highly energy-efficient computing solutions to businesses throughout the UK.
Deep Green’s clientele relies on data center processing for various applications, including AI, machine learning, video rendering, and cloud applications. Notable customers already benefiting from Deep Green’s services include York University, along with partnerships with industry suppliers Civo and Alces Flight.
What sets Deep Green apart is its ability to swiftly set up on-site data centers, such as those in swimming pools, without the need for additional grid upgrades or planning permission. This allows for rapid deployment, with facilities operational in a matter of weeks.
The £200 million investment is facilitated through Octopus’ dedicated Octopus Energy Transition Fund (OETF) and the Sky (ORI SCSp) fund under its management. Zoisa North-Bond, CEO of Octopus Energy Generation, expressed enthusiasm for tackling energy challenges with innovative solutions. She highlighted Deep Green’s dual impact of reducing energy bills for communities and repurposing excess heat from data centers.
Mark Bjornsgaard, Founder and CEO of Deep Green, expressed gratitude for Octopus’s support in the company’s growth phase. By integrating data centers into society’s fabric, Deep Green transforms waste heat into a valuable resource that benefits local communities. He emphasized the energy efficiency of their data centers and their positive contribution to addressing the environmental concerns associated with the growing energy demand of the sector.
The Octopus Energy Transition Fund (OETF), launched in 2023, focuses on scaling companies in rapidly growing sectors that contribute to the decarbonization of society. Beyond Deep Green, the fund has also supported ground-source heat pump company Kensa Group.