Try this instead of NewObject:
OctaneComponent = CreateDefaultSubobject<UOctaneComponent>(TEXT(“Descriptive Text Goes Here”));
I believe in the following code you are creating a new Actor Object? I am not very skilled with c++ either but if this component is a child of the main actor class and only used to add additional functionality that it should be a SubObject. Again, I do not know if I am near correct in my assumptions.
OctaneComponent = NewObject<UOctaneComponent>(Actor);
OctaneComponent->RegisterComponent();