Octopus Energy reaches $5bn valuation with new investment partnership
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Octopus Energy Group (Octopus) is now worth $5bn, following a $300m boost from Canada Pension Plan Investment Board (CPP Investments).
The funding is the initial investment in a newly-announced global partnership between the UK energy giant and the investment management group.
The agreement will help Octopus grow its Kraken technology platform, which is additionally licensed to Origin Energy, E.On UK, Good Energy, Hanwha and EDF and supports 25 million accounts.
The funds will also boost Octopus’s smart grid capabilities and help expand the company’s green energy generation.
The deal follows a $600m investment from Generation Investment Management in September.
Octopus offers green energy services to over 3 million customers in the UK, and is one of the country’s biggest electricity generators, creating enough energy to power about 2 million homes.
It also has customers in Germany, Spain, Italy, US, New Zealand and Japan.
Greg Jackson, chief executive and founder of Octopus, said: “Octopus has pioneered the technology that allows citizens to benefit from cheaper energy as it gets greener. CPP Investments is a global force in energy investing, and their investment and partnership will enable us to build this truly innovative approach along the entire energy value chain.”