Canada Pension Plan Investment Board (CPP Investments) has backed Octopus Energy Group’s global expansion plan with a further $225m (€222m) commitment.
In December last year, CPP Investments, which manages the assets of the C$539bn (€413bn) Canada Pension Plan, invested an initial $300m to help the renewable-energy specialist’s digital customer-services platform Kraken and boost its smart-grid capabilities.
Octopus Energy said in addition to the latest commitment from the Canadian investor, it has also raised $325m from existing shareholders in its latest funding round.
Bruce Hogg, managing director and head of sustainable energies at CPP Investments, said: “Furthering 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 significant innovator in the energy sector, and within the UK market it is continuing to provide renewable and clean energy to a growing customer base.
“As global investors, we seek to work with leading tech-enabled energy companies and in the evolution to a low-carbon world. Investing in the energy transition is important to access untapped potential, and provide opportunities for delivering attractive long-term, risk-adjusted returns and to CPP contributors and beneficiaries.”
Greg Jackson, CEO and founder of Octopus Energy Group, said: ”Octopus will continue to do all we can to help customers through the energy crisis, whilst investing in better solutions to make sure it never happens again.
“We are in grasping distance of a clean, cheap, secure energy system – but it needs continued boldness from innovators like Octopus, and the backing of visionary investors like CPP Investments, Generation, Origin and Tokyo Gas.”
Octopus Energy is a global clean energy tech pioneer and one of the largest renewables investors in Europe, managing 3GW of energy projects.
The UK-based company plans to use the money to further improve Kraken and invest in products and solutions that can help solve the energy crisis and drive renewables at scale. Kraken supports its own retail, generation and flexibility businesses and is licensed to other major energy players, including E.ON and EDF in the UK.
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