Octopus Energy Generation has committed $500 million to Living Carbon, our Portfolio company since 2023, a San Francisco biotech company that plants trees on degraded land to remove carbon dioxide from the atmosphere. The deal, announced on 30 April, will fund reforestation projects across North America with the goal of removing up to 50 million tonnes of CO₂‚‚ over 40 years. Octopus has also invested $13 million directly in Living Carbon’s carbon business.
Separately, Google, Meta, and McKinsey, all members of the Symbiosis Coalition, have signed agreements to purchase 131,240 tonnes of carbon removal over ten years from Living Carbon’s Appalachian reforestation projects, which plant native hardwood and pine on former mine sites and degraded agricultural land. The headline is a $500 million bet on planting trees.
The subtext is that the technology companies buying these carbon credits are the same ones whose data centres now generate as many carbon emissions as the global airline industry, and whose AI infrastructure buildouts are pushing that figure higher every quarter.
With the new funding, Living Carbon will be positioned to remove up to 50 million tons of carbon dioxide over the next 40 years – roughly the same as the annual CO₂e footprint of New York City.
Living Carbon restores land that won't recover on its own, like old mining sites and degraded farmland. Often this land is in the same regions where new data centers are being built, making restoration and land reuse especially important.
Beyond capturing CO₂, these projects deliver a host of additional benefits: restoring wildlife habitats, improving water quality, strengthening soils, and supporting local economies in rural communities.
This reflects the broader growth in corporate demand: forward purchase agreements for carbon removal totaled $13.7 billion in 2025, as buyers locked in long-term supply ahead of 2030 targets. Over the same period, the number of companies with validated net-zero targets grew 61%, with Asia emerging as the fastest-growing region.
Maddie Hall, Founder and CEO, Living Carbon, said:
"Our partnership with Octopus takes us from early-stage implementation to delivering long-term carbon removal at scale with institutional capital. This is a sign that this market is maturing into real project finance as corporate commitments to net-zero increase.”
Zoisa North-Bond, CEO at Octopus Energy Generation, said:
“This is a landmark deal for us in the US and a huge step in our mission to invest in solutions that drive the planet toward a cleaner future. Having industry leaders and the world’s largest tech giants backing these projects sends a powerful signal that this market is ready to grow. Nature itself is a remarkable force for capturing carbon – by restoring these ecosystems, we can make a real difference for both rural communities and the climate.”
This move is part of Octopus’s broader commitment to expand its presence in one of the world’s leading clean-tech hubs, California, with the goal of directing $2 billion into US clean energy projects by 2030.
It builds on Octopus’s global investment strategy to accelerate the renewable energy transition, already managing around 400 clean energy assets worldwide.
