Octopus Energy Group Completes Fundraising With Existing Investors Totaling $550 Million – Business Wire | Region & Cash

LONDON–(BUSINESS WIRE)–Octopus Energy Group has completed its latest funding round, raising $325 million from its existing shareholders on terms agreed during the December 2021 funding round.

Octopus Energy Group’s investors have continued to support the company’s global expansion and renewable energy strategy, with all meeting or exceeding commitments made over the past year.

The company plans to use the money to further improve its Kraken energy technology platform and invest in products and solutions that can help solve the energy crisis and advance renewable energy at scale.

Octopus is a global clean energy technology pioneer and one of the largest renewable energy investors in Europe, managing 3GW of energy projects. Its Kraken technology platform supports its own retail, generation and flexibility businesses and is licensed to other major energy companies including E.ON and EDF in the UK. Overall, Kraken is licensed to support 25 million accounts worldwide.

To further the strategic partnership between the two companies, and in addition to supporting Octopus’ UK tech and global businesses, the Canada Pension Plan Investment Board (CPP Investments) has committed an additional US$225 million to Octopus’ efforts to integrate renewable energy Accelerate and improve the power system, including by leveraging Octopus’ leading KrakenFlex platform.

Greg Jackson, CEO and Founder of Octopus Energy Group said:

“Octopus will continue to do everything we can to help customers through the energy crisis while investing in better solutions to ensure this never happens again. We are within our grasp of a clean, cheap and secure energy system – but it will take continued courage from innovators like Octopus and the support of visionary investors like CPP Investments, Generation, Origin and Tokyo Gas.”

Bruce Hogg, Managing Director and Head of Sustainable Energies at CPP Investments said:

“The expansion of our partnership with Octopus is an important milestone as we continue to support the long-term transition to lower-carbon energy solutions. Octopus is a major innovator in the energy sector and continues to provide renewable and clean energy to a growing customer base in the UK market. As global investors, we strive to partner with leading technology-enabled energy companies and move towards a low-carbon world. Investing in the energy transition is important to unlock untapped potential and provide opportunities to generate attractive long-term, risk-adjusted returns for CPP contributors and beneficiaries.”

About the Octopus Energy Group

Octopus Energy Group is a global energy technology pioneer founded in 2016 to use technology to power a customer-centric and affordable green energy revolution. It is part of the Octopus Group, which is a certified BCorp. With offices in 14 countries, Octopus Energy Group’s mission is global.

Octopus’ domestic energy arm already provides cheaper green electricity to 3.4 million customers through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles helps make clean transportation cheaper and easier, and Octopus Energy Services brings smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a £3.4 billion portfolio of renewable energy assets across the continent.

All of this is made possible by Octopus’ technology arm, Kraken Technologies, which offers a proprietary, in-house platform powered by advanced data and machine learning capabilities. Kraken automates much of the energy supply chain to enable exceptional service and efficiency as the world transforms toward a decentralized, decarbonized energy system. This technology has been licensed through agreements with EDF Energy, Good Energy, E.ON Energy and Origin Energy to support over 20 million customer accounts worldwide.

In December 2021, Octopus Energy Group was valued at approximately $5 billion after a $600 million investment by Generation Investment Management and a $300 million investment by the Canada Pensions Plan Investments Board. Both investors support companies that advance sustainability, promote green energy and fight climate change. It was the company’s third major investment round since its launch.

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About the Canada Pension Plan Investment Board

The Canada Pension Plan Investment Board (CPP Investments) is a professional investment management organization that manages the fund in the best interests of Canada’s more than 20 million pension plan contributors and beneficiaries. Investments are made globally in public equities, private equities, real estate, infrastructure and fixed income to build diversified portfolios of assets. Headquartered in Toronto with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is managed and managed independently of the Canada Pension Plan and independently of any government. As of March 31, 2022, the fund totaled $539 billion. For more information please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.

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