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Retail Supplier Announces $800 Million Investment
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Octopus Energy Group announced an $800 million (£625m) additional investment from its existing shareholders.
"This new investment values the private company at $7.8bn (£6.2bn), a 60% increase since its previous investment round in December 2021," Octopus said
Origin Energy, Tokyo Gas, Canada Pension Plan Investment Board (CPP Investments), and Generation Investment Management are all participating in this round.
Greg Jackson, Founder of Octopus Energy Group, said: "Octopus Energy’s focus on customer service and technology has not only driven us to market leadership in UK power, but we’ve built the UK’s leading specialist electric vehicle leasing business, in just two years we’ve almost doubled our renewable generation portfolio to $7.6bn (£6bn), and tripled the contracted accounts on our technology platform Kraken from 17 million to 52 million."
"This year, our non-UK business has more than doubled," Jackson said. Octopus Energy non-UK growth has seen an increase of 170%, from 305,000 accounts on 31st December to 830,000
"This new investment will expand Octopus' international growth and the expansion of low carbon technologies like heat pumps," the company said
"2023 saw us launch into heat pump installation and manufacture our own models -- we now need to drive real scale," Jackson said
Octopus has just completed the acquisition of Shell’s Energy and Broadband business in the UK and Germany, and in clean transport the group has secured a £550m funding facility from Lloyds Bank for Octopus Electric Vehicles.
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December 18, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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