Octopus Energy, a global energy and technology group, has secured a new valuation of $9 billion as existing shareholders Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) increase their stakes.
This latest investment round represents a 15% increase in Octopus Energy's valuation from its previous round, reaching a total of $9 billion (£7.2 billion).
Generation Investment Management, a renowned sustainable investment manager, has garnered support from pension funds in the United States and Australia, including Aware Super. Generation now holds a 13% ownership stake in the Octopus Energy Group.
CPP Investments has also opted to reinforce its investment in Octopus, raising its ownership stake in the company to 12%.
The influx of capital will bolster Octopus Energy Group's presence in the United States, fueling its endeavors to expand its Kraken technology into American markets. The company had already initiated this expansion with its first deal in Texas back in 2023.
Greg Jackson, Founder of Octopus Energy Group, expressed his enthusiasm about the new investment, stating, “Bringing globally respected long-term investors on board helps raise our profile in key markets, and opens up new opportunities to continue our international expansion.”
Octopus Energy closed its last funding round in December, raising $800 million. Since its inception eight years ago, the company has amassed over $2 billion from global investors and has expanded its operations to 18 countries.
Jackson further remarked, “I'm grateful to our hugely supportive existing investors for making this possible, and their continued commitment to our long-term mission.”
