Octopus Energy Group, the leading power supplier in the UK, announced that it has raised an additional £625 million investment from its existing shareholders, including Origin Energy, Tokyo Gas, CPP Investments, and Generation Investment Management. The new investment puts the company’s value at £6.2 billion, a significant increase of 60% since its previous investment round in December 2021. The company expects to create 3,000 new jobs and contribute to the UK’s green economy significantly.
According to its founder Greg Jackson, Octopus Energy’s focus on customer service and technology has resulted in market leadership in the UK power sector, the UK’s leading specialist electric vehicle leasing business, and almost doubling its renewable generation portfolio to £6 billion. Additionally, the company has tripled the contracted accounts on its technology platform Kraken from 17 million to 52 million, all in just two years. The company has just completed the acquisition of Shell’s Energy and Broadband business in the UK and Germany and secured a £550m funding facility from Lloyds Bank for Octopus Electric Vehicles.
This announcement follows Octopus Energy Group’s expansion plans in Sierra Leone for a wind and solar farm project in partnership with Idris Elba, which marks the group’s 18th operating country worldwide.
Tokyo Gas praised the partnership between the two companies and expressed its belief that technology innovation is vital for future corporate growth. Meanwhile, Origin Energy described Octopus Energy’s progress since its initial investment in May 2020 as “exceeding all expectations.”
With renewed commitment seen at COP, a proven model, and an investment of this magnitude, Octopus Energy aims to accelerate its growth and become a global clean energy giant.