Octopus Energy Group Raises Fresh Funds Totaling $550 million

Highlights :

  • The recent funding round has been closed, securing $325 million from existing shareholders.
  • Octopus 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.

In a fresh announcement, British renewable energy player Octopus Energy Group said that it has closed the recent funding round and has secured $325 million from its shareholders. It said that the loan is raised on the terms agreed during the fundraising round in December 2021.

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The official statement revealed that the RE player’s investors further backed its global expansion and renewables strategy. The company claimed that all its strategy met or exceeded commitments made last year.

Octopus intends to utilise the funds to enhance its energy technology platform, Kraken. The money will also be used towards investment in products and solutions that can resolve the energy crisis and drive renewables at scale.

Octopus claims to be a global clean energy tech pioneer and one of the largest renewables investors in Europe that manages 3 GW of energy projects. Kraken, which supports its own retail, generation and flexibility businesses, is licensed to support 25 million accounts globally, inclusive of other major energy players, including E.ON and EDF in the U.K.

Advancing the strategic partnership between both businesses, along with 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 KrakenFlex platform.

Greg Jackson, CEO and Founder of Octopus Energy Group, said, “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, “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.”

Octopus is a UK based renewable energy developer that claims to be empowering more than 3 million homes with the cheapest clean energy to its clients without profit-making. It also has operations in USA, Japan, Spain, Italy, France and New Zealand. The company also delves into energy services, electric vehicles and OE businesses.

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