Octopus Energy raises £625m from existing backers to scale low carbon technologies and international growth
Existing shareholders including Origin Energy, Tokyo Gas, and CPP Investments provided the funding.
Octopus Energy is a global clean energy tech business that operates a proprietary software platform and provides power to millions of households. The company delivers consumer energy products alongside investments in renewable generation.
Octopus Energy has secured £625m in fresh funding from its existing backers, lifting its valuation to £6.2bn. The capital injection comes from a syndicate comprising Origin Energy, Tokyo Gas, Canada Pension Plan Investment Board, and Generation Investment Management.
The business intends to deploy the proceeds to scale up low carbon technologies such as heat pumps and push further into international markets. The latest transaction is expected to generate thousands of green jobs in the domestic market over the coming year.
From the founder
"We remain obsessive about customers – we’ve been awarded “Which? Recommended” an unprecedented 6 years in a row and according to consultants Bain**, Octopus Energy is rated 44 points higher than the next best company."
Greg Jackson
Founder at Octopus Energy
Investor perspective
"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."
Frank Calabria
CEO, Origin Energy
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Continue product development
Investors
Frank Calabria
Origin Energy
Nobuhiro Sugesawa
Tokyo Gas
Bill Rogers
Canada Pension Plan Investment Board
Generation Investment Management
Categories
About the company
Octopus Energy
Octopus Energy supplies power and operates a green technology platform globally.