Octopus Energy attains a $9bn valuation as existing backers increase stakes
Generation Investment Management and Canada Pension Plan Investment Board have deepened their investments to support international expansion.
London-based energy supplier and technology provider operating a proprietary platform called Kraken.
Octopus Energy has attained a valuation of $9bn following increased financial commitments from existing shareholders Generation Investment Management and Canada Pension Plan Investment Board. The latest transaction elevates the firm's valuation by 15% compared to its preceding funding cycle.
Generation Investment Management secured capital from international pension schemes, including Aware Super, lifting its holding in the group to 13%. Meanwhile, Canada Pension Plan Investment Board expanded its stake to 12%.
The capital injection will support the group's broader international strategy, specifically targeting the expansion of its Kraken energy technology platform across North American markets.
From the founder
"Bringing globally respected long-term investors on board helps raise our profile in key markets, and open up new opportunities to continue our international expansion. I’m delighted to partner with more pension funds, including Aware Super, and am excited at the prospect of accelerating Octopus and Kraken in North America and beyond, and continuing to invest in technologies that drive a smarter, cheaper energy system. I’m grateful to our hugely supportive existing investors for making this possible, and their continued commitment to our long term mission."
Greg Jackson
Founder of Octopus Energy Group at Octopus Energy
Investor perspective
"It is clear that Octopus is a generational opportunity. The company has accelerated ahead of its UK peers in energy and in Kraken has developed the first credible digitisation platform for utilities. We’re backing the world class management team and the thousands of talented people in the Octopus Energy Group as they transform multiple industries at once, and it’s a pleasure to work with pension funds including Aware Super to deliver this huge potential."
Tom Hodges
Co-Head of Private Equity, Generation Investment Management
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
Octopus Energy
Octopus Energy supplies electricity and gas while licensing its proprietary energy software platform globally.