Octopus Energy has raised an additional $800m (€731m) from its existing shareholders to help accelerate the company’s international growth plan.
The global clean energy firm said its investors Origin Energy and Tokyo Gas, Canada Pension Plan Investment Board (CPP Investments) and Generation Investment Management are all taking part in the latest funding round.
On Monday, CPP Investments said it had backed Octopus Energy’s global expansion plan with a further £300m commitment.
CPP Investments invested an initial $300m in December 2021 to help the renewable-energy specialist’s digital customer-services platform Kraken and boost its smart-grid capabilities. Last year it again backed Octopus Energy Group’s global expansion plan with a further $225m commitment.
The Canadian investor said the latest commitment increases its ownership of Octopus and is part of a funding round co-led by CPP Investments.
Greg Jackson, founder of Octopus Energy, 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 and tripled the contracted accounts on our technology platform Kraken from 17m to 52m.”
Bill Rogers, global head of sustainable energies at CPP Investments, said: “We’re delighted to further our investment in Octopus and enable the expansion of their future energy solutions to many more customers around the world.”
Origin Energy CEO Frank Calabria, said: “The success of Octopus since our initial investment in May 2020 has exceeded all expectations and cemented our belief in its unique capabilities and strong platform for future growth.”
Nobuhiro Sugesawa, chief digital officer at Tokyo Gas, said: “Tokyo Gas has been advancing the retail electricity business in Japan through our joint venture, TG Octopus Energy, with Octopus Energy and most recently, we have started cooperating in renewable energy investments in Europe. Tokyo Gas believes that technology innovation is essential for future corporate growth.”
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