Octopus Energy Group has secured $800m (£625m) in additional investment from its current shareholders, valuing the company at $7.8bn (£6.2bn). This is a substantial increase of 60% compared to its previous investment round in December 2021. The new investment round features Japanese energy company, Tokyo Gas, Origin Energy from Australia, the Canadian Pension Plan Investment Board, and sustainability-focused investor, Generation Investment Management.
Founder of Octopus Energy Group, Greg Jackson, highlights the company’s technological prowess and commitment to customer service, which has driven its market leadership in the UK power sector. The company has almost doubled its renewable generation portfolio to $7.6bn (£6bn) and tripled its contracted accounts on the Kraken technology platform from 17 million to 52 million in just two years. Continuing its focus on customers, Octopus Energy Group has won the “Which? Recommended” award for an unprecedented six years in a row and is rated 44 points higher than the next best company by consultants Bain.
Octopus Energy Group is looking to further expand its growth and become a global clean energy leader. The company’s non-UK business has more than doubled, with Trustpilot scores of 4.8/5 in almost every country. With the renewed commitment seen at COP, Octopus Energy is set to invest to accelerate its growth and become a true global clean energy giant.
This investment builds on Octopus Energy Group’s recent acquisitions of Shell’s Energy and Broadband business in the UK and Germany, as well as the £550m funding facility secured for Octopus Electric Vehicles. The company’s investment in smart technology has helped over a million customers save money during the energy crisis, and it has delivered better value by enabling people to benefit from cheap power when renewables are abundant. With its OctoAssist Fund now at £30m, Octopus Energy Group is well-placed to support its customers during the winter season, offering energy price caps, standing charge holidays, and the distribution of nearly 50,000 electric blankets free of charge to customers in need.
Octopus Energy Group’s Kraken technology platform has proved hugely successful, with over 52 million accounts supported in UK energy retail. Among its clients are E.On, EDF, and Good Energy in the UK, clients across Europe, Japan, and Australia, as well as licensed water companies, electricity networks, renewable generators, and large-scale battery operators across the globe.
Octopus Energy Group’s continued success has been recognized with multiple awards, including being featured in TIME Magazine’s ‘100 Most Influential Companies.’ To support SME businesses in your region, Bdaily can help you promote your product/service – find out more through its website.
