Octopus Energy Group has raised a further £450 million from its existing investors.
To be delivered on terms agreed last year, they will back the company’s global expansion and renewables strategy.
Octopus plans to use the money to further improve its energy technology platform, Kraken, and invest in products and solutions that can help solve the energy crisis and drive renewables at scale.
Octopus is a global clean energy tech pioneer and one of the largest renewables investors in Europe, managing 3GW of energy projects. Its technology platform, Kraken, supports its own retail, generation and flexibility businesses and is licensed to other major energy players, including E.ON and EDF in the UK. Collectively Kraken is licensed to support 25 million accounts globally.
Furthering the strategic partnership between both businesses, and in addition to supporting Octopus’ UK tech and global businesses, Canada Pension Plan Investment Board (CPP Investments) has committed an additional £185m to Octopus’ efforts to accelerate and enhance the integration of renewables in the power system including through leveraging Octopus’ leading KrakenFlex platform.
“Octopus will continue to do all we can to help customers through the energy crisis, whilst investing in better solutions to make sure it never happens again,” said Greg Jackson, CEO and founder.
“We are in grasping distance of a clean, cheap, secure energy system – but it needs continued boldness from innovators like Octopus, and the backing of visionary investors like CPP Investments, Generation, Origin and Tokyo Gas.”
Bruce Hogg, MD and head of sustainable energies at CPP Investments, said: “Furthering our partnership with Octopus is an important milestone as we continue to support the long-term transition to lower-carbon energy solutions.
“Octopus is a significant innovator in the energy sector, and within the U.K. market it is continuing to provide renewable and clean energy to a growing customer base. As global investors, we seek to work with leading tech-enabled energy companies and in the evolution to a low carbon world.
“Investing in the energy transition is important to access untapped potential, and provide opportunities for delivering attractive long-term, risk-adjusted returns and to CPP contributors and beneficiaries.”