With a vision of using technology to make green energy revolution affordable, UK-based entech unicorn Octopus Energy has closed its recent funding round at a total of $550 million.
The British energy firm got $325m from its existing shareholders from the close of a fundraising round and an additional $225 million from Canada Pension Plan Investment Board.
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.
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.”
Founded in 2016 by Greg Jackson, James Eddison, and Stuart Jackson, Octopus Energy Group builds technology to make the green energy revolution affordable whilst transforming customer experiences. In December 2021, Octopus Energy Group was valued at approximately $5 billion following a $600 million investment from Generation Investment Management and a $300 million investment from Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.
