Octopus Energy Secures €800M in Funding to Drive Global Clean Energy Expansion

Octopus Energy, a prominent London-based clean energy technology firm, successfully raised €800 million in its latest funding round. The valuation of the company now stands at an impressive $7.8 billion (£6.2 billion). Key contributors to this funding round include Origin Energy, Tokyo Gas, Canada Pension Plan Investment Board, and Generation Investment Management.

The infusion of capital is earmarked for fueling Octopus Energy’s international growth initiatives and facilitating the expansion of low-carbon technologies, with a specific focus on advancing heat pump technologies.

Founded by Greg Jackson, Octopus Energy operates as a leading clean energy technology enterprise. Operating under its retail brand, the company provides customer service and energy products to a vast customer base of 7.2 million households globally. Octopus Energy’s operations span across 18 countries, covering the entire energy value chain. The company actively invests in, constructs, and flexibly manages renewable energy projects, boasting a portfolio valued at £6 billion. Additionally, Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 52 million customer accounts worldwide through licensing agreements with notable companies such as EDF, E.ON, and Origin Energy.

Commenting on the successful funding round, Greg Jackson remarked, “Octopus Energy’s focus on customer service and technology has not only driven us to market leadership in UK power but has also propelled the rapid growth of our renewable generation portfolio to $7.6 billion (£6 billion) in just two years. Furthermore, we have tripled the contracted accounts on our technology platform Kraken from 17 million to 52 million.”

Octopus Energy Group’s latest valuation stands at $8 billion, marking a remarkable 60% increase since its last investment round in December 2021. The substantial $800 million investment is poised to expedite the company’s global expansion efforts and drive advancements in low-carbon technologies. With a customer base exceeding 5 million and 52 million accounts managed via Kraken, the Octopus Energy Group is anticipated to generate 10,000 green jobs in the UK alone over the next five years, aligning with its broader global mission of reaching 100 million customers by 2027.

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