U.K. investment firm Octopus Investment and earthtech startup Treeconomy are collaborating on a trial to integrate space satellite data into investment decisions for carbon and nature-based strategies and have been awarded an "Unlocking Space for Business" grant that is valued at £113,000 ($144,000) an Octopus spokesperson revealed to Pensions and Investments.
Leaning on its experience in AI, Treeconomy will provide Octopus with digital measurement, reporting and verification services to monitor Earth's activities "in a transparent and cost-effective manner," a news release from Octopus revealed.
The founder of the grant, the United Kingdom Space Agency, was established in 2010 by the U.K. government to replace the British National Space Centre. Both Octopus and Treeconomy applied for the grant in May.
“By integrating earth observation technology into the diligence process, we will gain unique insights that will allow our strategy to become increasingly robust and data driven," Alex Godfrey, investment director at Octopus, said in the release.
Earlier this year, Octopus announced the launch of its natural capital strategy and is committed to using technology to achieve efficiency and impact for the new strategy, which is why it decided to partner with Treeconomy for this grant, according to the release.
The UKSA-funded project period will be completed in March 2025, the Octopus spokesperson said in an email.
As of March 31, 2024, Octopus reported £13.5 billion in funds under management.
