Octopus Energy has secured investment from Galvanize Climate Solutions and Lightrock, further bolstering its position in the global energy market.
The deal comes after Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) increased their investment in Octopus, attracting new support from pension funds in the USA and Australia, including Aware Super. These investments have valued Octopus Energy at US$9bn (£7.2bn), marking a 15% increase from its previous significant funding round in December 2023.
Galvanize Climate Solutions, headquartered in San Francisco, focuses on accelerating climate solutions worldwide. Chaired by Katie Hall and Tom Steyer, the firm aims to provide capital and expertise to drive climate innovation. Through its US$1bn ‘Innovation + Expansion Fund,' Galvanize will contribute to Octopus Energy's expansion efforts in North America.
Lightrock, a global investment platform based in London, is dedicated to building a sustainable future. With a focus on climate innovation, Lightrock manages capital across public and private markets, supporting Octopus Energy in its European and global growth initiatives.
Greg Jackson, founder of Octopus Energy Group, expressed enthusiasm about the partnership, stating, “Their climate-focused investment is a powerful catalyst for our global expansion and will allow us to keep up the momentum to further drive our growth across North America, Europe, and into emerging markets.”
Veery Maxwell, co-head of innovation + expansion at Galvanize, highlighted Octopus Energy's capabilities in supporting power market participants and expressed excitement about accelerating growth in North America and beyond.
Nigel McCleave, partner at Lightrock, praised Octopus Energy's rapid growth and its potential to transform the energy value chain. He emphasized the company's fair treatment of customers, pioneering technology, and global impact, expressing excitement about partnering with a European leader in the energy sector.
