Octopus Energy Group: $800m Investment to Accelerate Octopus Energy’s Global Clean Energy Growth
Octopus Energy Group, the UK’s largest power supplier, has secured an additional $800 million investment from its existing shareholders. The funding will be used to accelerate the company’s international growth and the expansion of low carbon technologies, particularly heat pumps. With this investment, Octopus Energy Group is now valued at $7.8 billion, marking a 60% increase since its last investment round in December 2021.
The investment comes from a group of prominent investors, including Australian and Japanese giants Origin Energy and Tokyo Gas, as well as the Canada Pension Plan Investment Board (CPP Investments). Additionally, sustainability-focused investors, Generation Investment Management, have also contributed to this funding round.
The primary objective of the investment is to support Octopus Energy Group in playing a major role in accelerating the adoption of renewable energy following the commitments made at the recent COP26 conference. The company aims to create a truly global clean energy giant by leveraging its successful customer service and technology-driven approach.
Founder of Octopus Energy Group, Greg Jackson, emphasized the company’s commitment to its customers and its impressive track record of service. He highlighted their market leadership in UK power and the establishment of the leading specialist electric vehicle leasing business. Jackson further highlighted Octopus Energy’s renewable generation portfolio and the significant growth of its technology platform, Kraken.
Octopus Energy’s expansion into the heat pump sector has been a key focus, and the latest investment will drive its growth and help create 3,000 green jobs in the UK alone in 2024. The company has experienced remarkable international growth, with non-UK accounts more than doubling in the past year. Trustpilot scores in multiple countries, including the UK, Spain, Italy, and Germany, consistently rate Octopus Energy highly.
The recent investment follows a series of significant developments for Octopus Energy Group. These include the acquisition of Shell’s Energy and Broadband business in the UK and Germany, as well as the establishment of a funding facility for Octopus Electric Vehicles. The company has also expanded its operations into Sierra Leone, partnering with actor Idris Elba on a wind and solar farm.
Octopus Energy Group’s success can be attributed to its advanced Kraken technology platform, which currently supports over 52 million customer accounts worldwide. The platform is used by major energy companies in the UK, Europe, Japan, and Australia, helping to drive the transition to clean energy in these regions. Octopus Energy’s commitment to smart technology has enabled customers to save money during the energy crisis and receive better value.
As part of its dedication to customer support, Octopus Energy has doubled its OctoAssist Fund to £30 million to assist customers during the winter season. The company has also provided various benefits to customers, such as holding energy prices below the cap and distributing electric blankets to those in need.
Octopus Energy’s significant growth and continued recognition for its services underscore its vision of becoming a global leader in the clean energy sector. With this substantial investment, the company is poised to accelerate its mission of driving the transition to renewable energy worldwide.
Notes:
– Octopus Energy is the UK’s largest power supplier, according to Ofgem Retail Market Indicators as of December 2023.
– Octopus Energy has been rated Which? Recommended for six consecutive years and has achieved high Trustpilot scores across different countries.
– Kraken is Octopus Energy Group’s advanced data and machine learning platform, supporting over 52 million customer accounts globally.
– Octopus Energy Group has expanded its operations into Sierra Leone and completed the acquisition of Shell’s Energy and Broadband business in the UK and Germany.
– The company has secured a funding facility for Octopus Electric Vehicles.
