Octopus Energy U.S. recently announced Intelligent Octopus for E.V., a smart-rate that will provide drivers in Texas with cheaper electricity rates when they smart-charge their electric vehicles. Customers can now pair Intelligent Octopus with their E.V.s to automatically determine the best, most cost-effective time to charge and save up to 20% on their monthly residential electricity bill.
Intelligent Octopus, powered by Octopus Energy's proprietary Kraken Technology, is a smart device management feature that incentivizes customers for helping to balance the grid during grid constraints, so long as the device is connected. By enabling customer flexibility, Octopus Energy can provide the best price electricity rates on the market.
Customers of Octopus Energy will be able to sign up and connect their electric vehicles via a mobile app that responds to multiple grid signals. By allowing Octopus Energy to smart charge their car, customers will receive a discount on their standard residential electricity rate. Intelligent Octopus will handle the necessary tasks based on the preferences set by the customer.
With widespread adoption in the U.S., Intelligent Octopus manages over 100 megawatts (M.W.) of E.V. charging power, which is greater than the largest battery on the U.K. grid. This solution is the most recent step in Octopus Energy's mission to enable a brighter and greener future throughout the United States market, which it entered in 2020. The company also recently announced that it would offer customers the option to incorporate home batteries into their energy plans. This will enable it to aggregate home batteries to establish a Virtual Power Plant and further minimize energy rates customers pay.
About Octopus Energy
Octopus Energy Group is an innovative, renewable energy retailer based in London, UK. It directly supplies approximately 4.9 million customers with 100% green electricity at a lower cost and emphasizes exceptional customer service. The company expanded in the U.S. market in 2020, creating Octopus Energy U.S. and fueling the company's global expansion. It comprises ten companies spanning six countries and three continents, including Kraken Technologies, Kraken Flex, Octopus Energy Retail, Octopus Electric Vehicles, Octopus Energy Generation, and the Octopus Centre for Net Zero. Founded in 2016, the company has a nearly $5 billion valuation and is one of the fastest-growing private energy technology companies.