The energy retailer teams up with Enphase Energy to integrate household solar and batteries in energy plans and create a Virtual Power Plant in Texas
HOUSTON--(BUSINESS WIRE)-- Renewable energy retailer Octopus Energy U.S. today announced a new partnership with Enphase Energy, Inc., the world’s leading supplier of microinverter-based solar and battery systems. Octopus Energy customers now have the opportunity to integrate Enphase home solar and battery solutions in their energy plan to unlock low-cost residential energy rates. As part of the agreement, Octopus Energy will be able to flexibly control the customer's battery to reduce usage when the grid is the most constrained and help save customers hundreds of dollars each year.
With Kraken Flex, Octopus Energy’s proprietary software platform for managing, controlling, and optimizing Distributed Energy Resources (DERs), Octopus Energy plans to create a Virtual Power Plant with the Enphase home battery systems, and will be bidding these DERs in the Electric Reliability Council of Texas (ERCOT) ancillary markets, a first of its kind for these assets. Octopus Energy can optimize how a customer’s battery interacts with the electric grid through Intelligent Octopus, its smart device retail energy plan, customers can access the cheapest retail rates.
As Octopus Energy expands its retail energy presence to states outside of Texas, Octopus Energy hopes to take advantage of this partnership, which both reduces costs for customers and promotes a cleaner grid.
“Our partnership with Enphase Energy is a critically important step as we accelerate the renewable energy transition across the U.S. Load flexibility creates enormous value in high-renewable energy grids and energy retailers have a unique ability to customize electric rates for customers, so this a perfect opportunity to integrate the value of demand response into a retail product to create the cheapest rates for customers. Retailers have the opportunity to lead the energy transition by combining customer-centric product offerings, modern technology, and rate-making authority to create products that lower costs and truly lower carbon,” said Michael Lee, CEO of Octopus Energy U.S. “We look forward to working with Enphase Energy as we grow a wide variety of low cost and innovative rates to decarbonize our electric grid.”
"We are pleased to partner with Octopus Energy to bring home solar and batteries to homeowners in Texas, helping them better manage their electricity costs and creating a more resilient energy system for everyone,” said Dave Ranhoff, Chief Commercial Officer at Enphase Energy. “Our partnership is just beginning. We look forward to expanding to new markets with world-class products and services to advance a more sustainable future together.”
Octopus Energy and Enphase’s partnership comes as policymakers around the globe look to leverage emerging technologies to hasten the shift to renewables, as well as eliminate barriers to clean energy growth. With Enphase Energy, Octopus Energy will enable customers to optimize their home energy system around easy participation in ancillary markets and demand response programs for immediate savings.
This is the latest step in Octopus Energy’s mission to enable a smarter, greener future across the globe. One of the most awarded energy companies in the United Kingdom, where the company was founded five years ago, Octopus Energy entered the U.S. market in 2020. In 2022, the retailer launched Octopus Electric Vehicles, its integrated demand response EV leasing plan that accelerates accessibility and adoption of EVs and smart charging, as well as Intelligent Octopus, a smart demand response plan which lowers electric rates by up to 30 percent just by allowing Octopus to automate smart charging for the customer.
To learn more about Octopus Energy, visit octopusenergy.com.
To learn more about Enphase, visit https://enphase.com/.
About Octopus Energy
Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying over 3.2 million customers globally with 100% green electricity at a cheaper price and with a focus on incredible customer service. Founded six years ago as a global energy retailer, Octopus Energy entered the U.S. market in 2020, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at nearly $5 billion and is one of energy-tech’s fastest-growing private companies. To learn more, visit: www.octopusenergy.com.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped more than 52 million microinverters, and over 2.7 million Enphase-based systems have been deployed in more than 145 countries. For more information, visit https://www.enphase.com and follow the company on Facebook, LinkedIn and Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230119005247/en/
Source: Octopus Energy