Overview
- Octopus Energy will buy a majority stake in Uplight in partnership with Schneider Electric, with closing subject to routine regulatory approval later this year.
- Uplight serves more than 85 North American utilities, including eight of the ten largest in the U.S., and manages over 8.5 gigawatts of flexible load.
- Uplight will continue to operate as an independent, customer-focused platform, while Octopus’s Kraken software explores collaboration on customer operations and flexibility orchestration.
- The companies say the deal helps utilities handle rising power use from AI data centers, electric vehicles, and home electrification by shifting or reducing demand during peak hours.
- Schneider Electric remains a significant minority partner and brings grid management tools such as advanced distribution management systems and its OneDERMS platform to connect customer programs with grid operations.