Octopus looks to buy software startups to manage data center demand
“We’re very much looking for interesting opportunities in that space,” Octopus US CEO Nick Chaset told Semafor.
Octopus Energy US is considering purchasing additional software companies that could aid in managing power demand from data centers, according to the company's CEO, Nick Chaset. In March, Octopus Energy acquired Uplight, a technology firm that assists utilities in optimizing grid power by gently adjusting customer usage. Chaset also recently introduced a homeowner battery system in Texas capable of supplying power back to the grid during peak demand periods.
He emphasized that Octopus Energy is only beginning to explore the potential of consumer flexibility in addressing the challenge posed by data centers, which often have little incentive to reduce their power consumption. Chaset highlighted that startups such as Uplight have demonstrated significant promise in solving this issue, but the true value of these companies remains unrealized. Therefore, Octopus Energy is actively seeking out promising opportunities in this sector.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
