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Octopus Energy invests £200m in data centre heat recycling company

Written by Mon 15 Jan 2024

Octopus Energy has invested £200 million ($254 million) in data centre heat recycling company, Deep Green, to expand their data centre heat reuse technology in the UK.

Octopus Energy said Deep Green’s new business model efficiently uses heat to minimise waste. 

CEO of Octopus Energy, Zoisa North-Bond, said to tackle the energy crisis head-on, there needs to be innovative solutions to unusual problems.

“By using excess heat from data centres to slash energy bills for communities across the UK, Deep Green solves two problems with one solution,” added North-Bond.

The investment was made via Octopus’ dedicated Octopus Energy Transition Fund (OETF) and the Sky (ORI SCSp) fund it manages. OETF launched in 2023 to scale companies in fast-growing sectors to decarbonise society.

Who are Deep Green?

Deep Green data centres are installed on-site, which reportedly means that they do not require additional grid upgrades or planning permission.

The computers at Deep Green data centres are submerged in a tank and pumps circulate dielectric fluid around the computers, absorbing their waste heat. Waste heat is then transferred to the host’s hot water system through a heat exchange, raising the temperature of the cold water.

In exchange, Deep Green benefits from free cooling. This allows the company to offer more affordable, highly energy-efficient computing to businesses across the UK.

By teaming up with Deep Green, a public swimming pool in Devon cut its pool heating bill by over 60%.

“The data centre sector is rightly facing scrutiny about its growing energy demand and associated carbon emissions. Our data centres are highly energy efficient and support local communities with free heat,” said Mark Bjornsgaard, Founder and CEO at Deep Green.

Deep Green’s website said with 1% of the UK’s data centre demand, the company could heat more than 1,500 public pools in the UK for free.

The news arrived as last year the UK Government announced it would invest a share of £65 million ($80 million) to warm homes using waste heat from data centres.

The heat network will connect 10,000 new homes and 250,000m2 of commercial space to a low-carbon energy source. The investment aims to help keep bills low and contribute to the UK’s goal to reach net zero by 2050.

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Written by Mon 15 Jan 2024

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