Parent Of Texas Retail Provider Inks $300M Partnership With Leading Pension Plan Investment Board, Will Support U.S. Expansion
December 14, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Octopus Energy Group announced a new long-term strategic partnership with Canada Pension Plan Investment Board (CPP Investments), one of the world’s largest pension funds
"This global partnership is formed of an initial US$300 million equity investment from CPP Investments with an aspiration to grow the level of committed capital over time to support Octopus in their mission to drive the global green energy revolution," Octopus said
"The deal follows a recent investment round with Generation Investment Management and increases Octopus Energy Group’s valuation to approximately US$5 billion," Octopus said
The $300 million funding will support Octopus Energy’s global expansion, including in the U.S. "This year, Octopus Energy opened its first U.S. headquarters in Houston, Texas, where it has grown its customer base by 10X," Octopus said
"This $300 million will allow Octopus Energy to reach more consumers, deploy more renewable generation, advance new technologies, and collaborate with more energy companies, customers and utilities," Octopus said
"This investment delivers a huge boost to our mission of expanding access to renewable energy and delivering exceptional customer service across all markets. Octopus Energy has turned energy on its head – thrown away the call centers, confusing bills and tired systems – to create a better customer experience for everyone that takes into consideration how consumers interact with their energy and smart home devices, while making the experience more enjoyable, visually appealing and understandable. We’re thrilled to continue making strides on this work, while advancing renewable energy and strengthening the grid across the U.S.," said Michael Lee, CEO of Octopus Energy U.S.
The initial commitment from CPP Investments and the broader partnership will also boost Octopus’s smart grid capabilities and help expand the company’s green energy generation, including but not limited to the Fan Club – the U.K.’s first renewable energy tariff that gives communities close to specific wind turbines cheaper power when the blades are spinning significantly (80% of the time), Octopus said
Octopus has a goal of 100 million energy accounts on Kraken, Octopus’s proprietary smart grid customer service technology, by 2027.