SUSTAINABLE MARKETS INITIATIVE MEMBER, OCTOPUS ENERGY, LAUNCHES COMPETITION TO ACCELERATE ENERGY INNOVATION IN AFRICA

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Sep 24, 2024, 09:07 ET

The competition will identify and support early-stage businesses focused on transforming power distribution, grid management, energy storage and clean energy generation in Africa.
It is open to technologically advanced start-ups with a maximum age of five years and no more than 20 full-time employees.
Winners will benefit from mentorship, access to industry insights, and grant funding to help accelerate growth.

LONDON, Sept. 24, 2024 /PRNewswire/ -- Octopus Energy, a member of the Sustainable Markets Initiative's Africa Council and leader of the Africa Energy Workstream, today launches the Energy Entrepreneurship Competition to accelerate the development and deployment of innovative energy solutions across Africa.

With 685 million people globally living without access to electricity¹, there is a critical need in Africa for reliable and sustainable energy infrastructure. The Energy Entrepreneurship Competition aims to:

Drive innovation and growth within the African renewable energy sector;
Nurture the next generation of energy leaders committed to addressing the continent's unique energy challenges;
Create a vibrant ecosystem where collaboration and knowledge sharing drive the renewable energy sector forward.

It will do this by identifying and supporting early-stage businesses focused on transforming power distribution, grid management, energy storage and clean energy generation.

The competition is open to technologically advanced start-ups with a maximum age of five years and no more than 20 full-time employees. Winners will benefit from mentorship, access to industry insights, and grant funding to help accelerate growth.

Greg Jackson, Founder of Octopus Energy, said: As an entrepreneur myself, I've seen how talented people in clean energy ventures are key to unlocking energy accessibility and driving sustainability across the world – so I'm excited to see the results of this competition

Zoisa North-Bond, CEO of Octopus Energy Generation, said: "Accelerating access to affordable and clean energy across Africa is an integral part of the global green energy transition. Through this initiative we're looking to empower entrepreneurs on-the-ground to drive forward clean energy solutions that will have a lasting impact on communities."

Full competition details can be found on the SMI website. The closing date for submissions - which should be made online at https://octopus.typeform.com/SIMAC - is Monday 4 November 2024. Winners will be announced before the end of the year.

Notes to editors

About the Sustainable Markets Initiative
Founded by His Majesty King Charles III in 2020, as Prince of Wales, the Sustainable Markets Initiative has become the world's 'go-to' private sector organisation on transition. Launched in 2021, the Terra Carta serves as the Sustainable Markets Initiative's mandate with a focus on accelerating positive results for Nature, People and Planet through real economy action. Read more: www.sustainable-markets.org

About the Sustainable Markets Initiative Africa Council
The Sustainable Markets Initiative's Africa Council (SMIAC) was launched in November 2023 following a roundtable meeting of leading African CEOs at the United Nations Office in Nairobi, during the state visit of His Majesty King Charles III to Kenya.

It was established in recognition of the current realities of the African continent's 1.3 billion people, and the shared ambition of its 55 countries to establish a common position in combatting climate change, biodiversity loss and fulfilling the United Nations Sustainable Development Goals.

At its heart, the objective of the Africa Council is to encourage collective and scalable action by business and finance in support of sustainability agendas across the African continent. Together, the members of the Africa Council develop, propose, and adopt innovative solutions and best practices that address some of the most pressing sustainability needs evidenced across the continent. It is led by Dr Hubert Danso, CEO, Africa Investor (Ai) Group, and Dr James Mwangi, CEO, Equity Group Holdings.

About Octopus Energy Generation

As Octopus Energy Group's green generation arm, Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. It is reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses. As one of Europe's largest specialist renewables investors, it manages 3.8 GW of green energy projects like wind and solar farms in over 15 countries, worth £7bn ($9bn). These generate enough green power for 2.3 million homes every year - the equivalent of taking over 1 million petrol cars off the road.

Octopus comes up with innovative tech-enabled products to change ingrained thinking about energy, positively influence the net zero economy and deliver cheaper energy for customers. This includes the 'Fan Club', a world-first tariff providing discounted energy to people living near wind turbines when it's windy, which has seen 32,000+ requests for local wind turbines, and Winder (Tinder for Wind), Octopus' tech platform to speed up new turbines development driven by community demand. For more information, check out our website https://www.octopusenergygeneration.com/

About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 7.9 million households globally. Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide. For more information, check out our website: https://octopusenergy.group/

[1] Tracking SDG 7: The Energy Progress Report

SOURCE Sustainable Markets Initiative