Octopus Energy’s valuation reaches $9BN

The valuation comes on the heels of Octopus' high-profile investment into climatetech Ocergy.
Octopus Energy’s valuation reaches $9BN

Octopus Energy has been valued at $9BN, a 15% raise since its previous valuation, finally surpassing that of British Gas.

This news follows a number of announcements by Octopus Energy around the world, including its recent investment into Ocergy – a tech disruptor in the floating offshore wind industry, working with over a dozen major developers across multiple gigawatts (GW) of projects.

The company also announced a partnership with Energisa Group, a prominent electricity and gas utility in Brazil, to advance the energy revolution in South America’s biggest country by focusing on knowledge transfer, tech licensing and potential joint ventures.

Generation, the global sustainable investment manager, now owns 13% of the Octopus Energy Group. CPP Investments also chose to invest more into Octopus, increasing its stake in the company to 12%. The investment will increase Octopus Energy Group’s profile in the USA, fuelling the company’s plans to extend its Kraken technology into American markets, having signed the first deal in Texas in 2023.

Octopus Energy closed its last funding round in December in which it raised $800 million. Since launching to the market eight years ago, Octopus has raised well over $2bn from global investors and expanded into 18 countries.

Greg Jackson, Founder of Octopus Energy Group, said: “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.”

Tom Hodges, Co-Head of Private Equity at Generation Investment Management, said: “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.”

  1. Would you like to write the first comment?

    Would you like to write the first comment?

    Login to post comments
Follow the developments in the technology world. What would you like us to deliver to you?
Your subscription registration has been successfully created.