Exagen, a British firm that specializes in solar energy and battery storage, has been acquired by Octopus

Octopus Energy Generation acquired Exagen Group, a developer of solar and battery storage systems. This acquisition will allow the company to increase its renewable energy pipeline.

Exagen is a developer of utility-scale renewable and energy storage projects. It announced on Tuesday that it had a generation capacity in England of over 2.4 gigawatts.

Octopus acquired a 24% initial stake in Exagen in August 2022.

The financial details of the transaction were not revealed.

Exagen has announced that it has received planning permission for 520 Megawatts (MW), of battery storage in England, over the last year. Exagen has also got 260 MW solar and 268MW battery storage projects either in planning or soon to be implemented in the next year.

Octopus has said that it manages renewable energy projects worth nearly 9 billion pounds (9.4 billion dollars) around the world. The Exagen acquisition is expected to help it support Britain's transition to low-carbon energy.

By increasing our investment we will turbocharge the development of green energy in the UK and grow its energy storage capacity rapidly," said Alex Brierley. Brierley is the co-head Octopus Energy Generation’s fund management team.

The UK aims to generate 95% of the electricity it uses from low-carbon resources by 2030. This will require an increase in storage capacity to balance demand and supply on the system. $1 = 0.7483 pounds (Reporting and editing by Nina Chestney)

(source: Reuters)