Octopus Energy Group Concludes US$550 Million Fundraise with Existing Investors
Octopus Energy Group concludes its most recent funding round by receiving $325 million from its existing shareholders on conditions agreed upon at the December 2021 fundraising round.
All of Octopus Energy Group's investors have met or exceeded their commitments from the previous year in support of the company's global expansion and renewables agenda.
The business intends to use the funds to enhance its energy technology platform, Kraken, and to invest in goods and solutions that can aid in resolving the energy problem and promoting the widespread adoption of renewables.
Octopus is a global pioneer in sustainable energy technology and one of Europe's major renewable energy investors, handling 3GW energy projects. Kraken, the company's technology platform, powers its retail, generation, and flexibility businesses and is licenced by other large energy providers, such as E.ON and EDF in the United Kingdom. Globally, Kraken has a licence to support 25 million accounts.
In addition to supporting Octopus' U.K. technology and global businesses, Canada Pension Plan Investment Board (CPP Investments) has committed an additional US$225 million to Octopus' efforts to accelerate and enhance the integration of renewables into the power system, including by leveraging Octopus' industry-leading KrakenFlex 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 of 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 to CPP contributors and beneficiaries.”
Source: Octopus Energy