EnviroTechInvestment

Octopus Energy’s valuation has hit £7.2 billion after it secured further backing from existing investors.

Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) have increased their stakes in the global energy and technology group.

Generation Investment Management secured $370m in new backing from pension funds in the USA and Australia – including Aware Super – and now owns 13% of the business. CPP Investments’ stake is now 12%.

The investment will increase Octopus Energy Group’s profile in the USA, fuelling the company’s plans to extend its Kraken technology into American markets, having signed the first deal in Texas in 2023.

Octopus Energy closed its last funding round in December in which it raised $800 million. Since launching to the market eight years ago, Octopus has raised well over $2bn from global investors and expanded into 18 countries.

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Greg Jackson, founder of Octopus Energy Group, said: “Bringing globally respected long-term investors on board helps raise our profile in key markets, and open up new opportunities to continue our international expansion.

“I’m delighted to partner with more pension funds, including Aware Super, and am excited at the prospect of accelerating Octopus and Kraken in North America and beyond, and continuing to invest in technologies that drive a smarter, cheaper energy system.

“I’m grateful to our hugely supportive existing investors for making this possible, and their continued commitment to our long term mission.”

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This news follows a number of announcements by Octopus Energy around the world, including its recent investment into Ocergy – a tech disruptor in the floating offshore wind industry, working with over a dozen major developers across multiple gigawatts (GW) of projects.

The company also announced a partnership with Energisa Group, a prominent electricity and gas utility in Brazil, to advance the energy revolution in South America’s biggest country by focusing on knowledge transfer, tech licensing and potential joint ventures.

Octopus is a global energy and technology company that aims to drive the affordable, green energy system of the future through its retail brand, its investments in renewables and its proprietary technology platform, Kraken.

Kraken has become the fastest growing energy software globally. The AI-enabled tech platform connects all dots of the energy value chain – from usage and industry data to weather forecasts – accelerating the rollout of smart energy products whilst ensuring smooth integration of assets like wind farms, solar and batteries.

The platform is now contracted to serve over 54m energy accounts across the world and manages over 38 GW across 180,000 green energy assets in 12 countries.

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