London-based Octopus Energy Group has raised $550 million of investment to improve its energy technology platform and expand renewables. The company has raised $325 million from existing shareholders in a fresh round of funding. As part of a strategic partnership to enhance the integration of renewables into the power system, CPP Investments backed the company with an additional $225 million.
The new cash infusion will be utilised to further improve its energy technology platform, Kraken, and invest in products and solutions that can help solve the energy crisis and drive renewables at scale.
The clean energy tech company manages 3GW of energy projects. Its technology platform, Kraken, supports its own retail, generation and flexibility businesses.
Greg Jackson, CEO and founder of Octopus Energy Group, said: “Octopus will continue to do all we can to help customers through the energy crisis, whilst investing in better solutions to make sure it never happens again. We are in grasping distance of a clean, cheap, secure energy system – but it needs continued boldness from innovators like Octopus, and the backing of visionary investors like CPP Investments, Generation, Origin and Tokyo Gas.”
Bruce Hogg, managing director and head of sustainable energies at CPP Investments, added: “We seek to work with leading tech-enabled energy companies and in the evolution to a low carbon world. Investing in the energy transition is important to access untapped potential, and provide opportunities for delivering attractive long-term, risk-adjusted returns and to CPP contributors and beneficiaries.”