Deep Green deploys datacenters "in the community," placing servers submerged in dielectric-fluid tanks that transfer heat via heat exchangers into a host site's hot water system. Hosts such as swimming pools or district heating networks receive free heating while Deep Green gains free cooling for its IT hardware; the company covers installation, maintenance and operating costs so there is no cost to the host. The company has operated this business model for at least a year, including a deployment at Exmouth Leisure Centre where a dozen servers were used to warm a pool, cutting the pool's energy requirements by 62% and saving more than £20,000 annually. Octopus Energy, via its Octopus Energy Generation arm, is providing £200 million through the Octopus Energy Transition Fund (OETF) and the Sky (ORI SCSp) fund it manages to help scale deployments. That backing should enable Deep Green to deploy in between 100 and 150 more swimming pools, and the company is pursuing larger-scale schemes such as linking datacenters to homes for district heating. A London scheme announced last year would connect 10,000 new homes in Hammersmith and Fulham and Brent and Ealing to nearby datacenters to use their waste energy for heating.

Total raised

$255M

Funding rounds

1

Latest round

Equity

Latest activity

Jan 2024