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Octopus invests GBP2m in Diverse Energy

Octopus Investments has made an investment of GBP2m into Diverse Energy, a company that builds low-cost, low-carbon power generators for off-grid telecommunications applications.

Diverse Energy builds an emission-free, low-cost power solution for mobile phone communication towers in rural areas of developing countries.

It has developed the PowerCube, a standalone replacement for the polluting diesel generators currently used as remote power supplies for mobile phone towers where electricity is not available. It delivers power with low fuel and maintenance costs, thus offering a 25 per cent reduction in total cost of ownership with a two-year payback.
Diverse Energy, based in West Sussex has designed a proprietary technology that allows the PowerCube to use ammonia as a fuel. When compared to traditional diesel generators, the PowerCube provides an 80 per cent reduction in greenhouse gas emissions, a 74 per cent reduction in energy use, and eliminates both local noise and air pollution.
The investment provided by Octopus will enable the company to be able take orders for its product, complete the assembly plant and expand to serve its large export market.
Luke Hakes, from Octopus, says: “Diverse Energy is entering an exciting development phase and we recognise the company’s unique positioning in the growing green energy market. There has been a considerable amount of hype around the use of fuel cells for off-grid applications, but to date, no other company has been able to combine the necessary technology, fuel infrastructure and service agreements to take this proposition to market. As we partner with Diverse Energy to provide more than just funding, we look forward to watching this pioneering company build into a market leader.”
Alastair Livesey, Diverse Energy managing director, says: “This is a monumental day for the Diverse Energy team. Through hard work, unwavering focus, and with the help of numerous partners we are realising the vision of our founders and early investors. This investment will enable Diverse Energy to complete the transition from development to a fully commercial manufacturing organisation. In Octopus we have found a partner who is not only funding us but also helping us develop as a business and has already provided an invaluable amount of guidance and advice. I look forward to welcoming each and every one of our new team who will help us realise an ambitious roll-out programme.”
Funds were provided from the Octopus Titan VCT funds, the Eureka EIS Portfolio Service and the Octopus Venture Partners.

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