United Kingdom Energy Company Taps Niche in Offshore Wind

British renewable energy supplier Octopus Energy is eyeing a new and relatively untapped slice of the U.S. offshore energy wind market, with the company set to invest in a California-based startup focused on floating wind turbines.

Octopus will be investing between $10 million and $30 million in Ocergy, a producer of offshore energy wind-turbine foundations, as it aims to scale up renewable- power generation in the U.S.

Octopus sees strong future demand for wind energy, noting it remains one of the cheapest sources of electricity worldwide. Data from the International Renewable Energy Agency shows that prices for offshore wind have fallen by 59% between 2010 and 2022, while in places like the U.K. it now makes up a significant portion of the country’s energy.

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