8. Octopus Energy

Founders: Greg Jackson (CEO), Stuart Jackson, James Eddison
Launched: 2016
Headquarters: London
Funding: $1.5 billion
Valuation: $5 billion
Key technologies: Artificial intelligence, Internet of Things, machine learning
Industry: Energy
Previous appearances on Disruptor 50 List: 0

The future looks bright for fast-expanding climate tech innovator Octopus Energy, which picked up $600 million from Al Gore's investment firm in 2021 plus $550 million more last year from additional investors as the push for green energy accelerates. 

The clean energy utility is on a fast track to supply green power to 100 million energy accounts worldwide by 2027. Renewable energy is set to produce 35% of global electricity by 2025, up from 29% today, according to the International Energy Agency.

Helping to spur the global green movement, this British-based emerging business founded in 2015 and launched the next year, has several new initiatives to help save energy and cut costs. The company runs operations in 14 countries, and entered the U.S. market in 2020.

CEO Greg Jackson, an experienced digital entrepreneur and angel investor in tech startups, has helped the company introduce several innovative business models. This year, Octopus Energy partnered with Enphase Energy Inc. in Fremont, California, to begin offering customers the ability to control their battery usage when the grid gets overloaded, and to save on rates.

Additionally, the company's technology platform Kraken Technologies was rolled out last June to the U.S. This software is licensed to more than 32 million accounts worldwide and is the foundation for Octopus products and services, helping customers use energy at an affordable price. This expansion was supported by $225 million in funding last year, led by the Canada Pension Plan Investment Board.

A new smart-device feature named Intelligent Octopus helps customers find the most efficient time to charge and save on their monthly home electricity rate. Customers are rewarded with lower electric rates for being flexible with their usage times so that energy demands are balanced out. Customers can register and connect their electric vehicles via the company's mobile app and get a discount for smart charging timed to grid signals. The service debuted in Houston early this year, after the U.K. in 2022.

In one of its bolder moves, last fall Octopus Zero began offering U.K. customers a guarantee of no energy bills for five years as long as their homes are outfitted with its home batteries and heat pumps, and solar panels – an addition to its product lineup, which includes EV chargers and smart meters. The next goal is to expand its no-bills plan to 10,000 homes by 2030.

Such services help the company compete with traditional utilities such as Con Edison as well as direct rivals in renewable energy like Green Mountain Energy in Austin.

The footprint for Octopus Energy extends to its own investments in solar and wind energy, managing a $4.5 billion portfolio of renewable energy assets across Europe.