- Octopus Energy Group’s existing investors continue to back the global energy tech pioneer
- US$325m invested to support Octopus’ U.K. tech and global businesses ● Additional US$225m commitment from CPP Investments, as part of a strategic partnership to enhance the integration of renewables into the power system
London, 26th July 2022 – Octopus Energy Group closes its recent funding round, securing US$325m from its existing shareholders on terms agreed during the fundraising round in December 2021.
Octopus Energy Group’s investors have further backed the company’s global expansion and renewables strategy, with all of them meeting or exceeding commitments made last year.
The company 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 U.K. Collectively Kraken is licensed to support 25 million accounts globally.
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Furthering the strategic partnership between both businesses, and in addition to supporting Octopus’ U.K. tech and global businesses, Canada Pension Plan Investment Board (CPP Investments) has committed an additional US$225m to Octopus’ efforts to accelerate and enhance the integration of renewables in the power system including through leveraging Octopus’ leading Kraken Flex platform.
Greg Jackson, CEO and founder of Octopus Energy Group, said:
“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. 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, Managing Director 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.”
