Energy retailer Octopus Energy in investing €1bn in the French green energy market and a new European tech hub in Paris.

Octopus Energy is the UK’s third largest energy retailer. It plans to invest €1bn in the French green energy market over the next two years.

The investment will be used to accelerate the energy transition in France and generate enough local green power to supply 300,000 households.

Building on its investments already made in France, the company is launching a European tech hub in Paris through its subsidiary Kraken. The hub should create hundreds of clean energy jobs and support millions of customers across the continent.

Octopus Energy first entered the French market in January 2022 with its acquisition of French energy supplier Plüm Énergie. The company is now targeting one million customers by 2026 in France.

While offering better customer service and bringing down prices, Octopus Energy France is also helping French households lower their energy consumption through innovative products. The company’s customers already use ten per cent less energy than the average French household, and Octopus says it is committed to continue innovating to help French consumers use less, but stay warm.

Announcing the plans at this month’s 36th Franco-British Summit, chaired by UK prime minister Rishi Sunak and French president Emmanuel Macron in Paris, Octopus Energy CEO Greg Jackson, said: “Octopus operates across ten European countries, and today we’re delighted to announce a huge increase in our cooperation with France. We’re planning to invest an extra billion euros in French generation, but we’re also going to make Paris our EU technology hub. This is testament to the mutual commitment to investing in a clean energy system, and pioneering the digitisation which will drive costs down alongside carbon.”

Vincent Maillard, CEO of Octopus Energy France, added: “We are very proud to see Octopus Energy’s role in France’s energy transition recognised at the highest level of the French government. In doing so, the group combines retail energy expertise, major investments in renewable generation and cutting-edge technology to unlock innovative tariffs and deliver an outstanding customer experience to French households.”