London-based Octopus Energy Group, a company that claims to be the UK’s largest power supplier and owner of the Kraken technology platform, has secured £625M (approximately €721.94M) in additional funding from its existing investors.
The funding is expected to create 3,000 green jobs in the UK alone in 2024.
With this round, Octopus Energy Group is now valued at £6.2B (approximately €7.16B), marking a 60 per cent increase since its previous funding round in December 2021.
Greg Jackson, Founder of Octopus Energy Group says, “Octopus Energy’s focus on customer service and technology has not only driven us to market leadership in UK power, but we’ve built the UK’s leading specialist electric vehicle leasing business.”
“In just two years, we’ve almost doubled our renewable generation portfolio to $7.6B (£6B) and tripled the contracted accounts on our technology platform Kraken from 17 million to 52 million.”
“With the renewed commitment seen at COP and our model proven, we will invest to accelerate our growth and create a truly global clean energy giant,” adds Jackson.
Investors supporting the Group
The investment came from Origin Energy and Tokyo Gas from Australia and Japan, respectively, as well as the Canada Pension Plan Investment Board (CPP Investments) and Generation Investment Management.
Nobuhiro Sugesawa, Chief Digital Officer at Tokyo Gas says, “Tokyo Gas has been advancing the retail electricity business in Japan through our joint venture, TG Octopus Energy, with Octopus Energy and most recently, we have started cooperating in renewable energy investments in Europe.”
“Tokyo Gas believes that technology innovation is essential for future corporate growth. Through our partnership with Octopus Energy, we aim to provide our customers with services using the latest technology and clean energy. We look forward to growing with Octopus Energy.”
Brief about Octopus Energy
Octopus Energy is a global clean energy technology company focused on shaping the future of affordable and green energy. Serving 7.2 million households worldwide, Octopus provides customer service and energy products under its retail brand.
Operating in 18 countries across the entire energy value chain, the company manages a £6B portfolio of renewable energy projects, making it one of Europe’s largest.
Octopus’s advanced data and machine learning platform, Kraken, supports over 52 million customer accounts globally through licensing agreements with major companies like EDF, E.ON, and Origin Energy.
Kraken facilitates the electrification of heat and transport through smart tariffs and cleantech initiatives. With backing from pension funds, investors, and energy giants, Octopus Energy Group is committed to delivering more affordable, greener energy and “cutting-edge” technology to customers.
Recent growth and development
Octopus Energy Group’s recent funding comes amid a series of global initiatives, including a collaboration with actor Idris Elba on a wind and solar farm project in Sierra Leone.
The company has expanded its operations to its fifth continent and 18th country, with ongoing projects worldwide.
Octopus Energy Group has also acquired Shell’s Energy and Broadband business in the UK and Germany and secured a funding facility for Octopus Electric Vehicles.
The company’s investment in smart technology has empowered over a million UK customers to save money during the energy crisis, returning almost £10M through Saving Sessions in the past year.
Additionally, Octopus has doubled its OctoAssist Fund to £30M to support customers during the winter, providing relief below the energy cap, standing charge holidays, and distributing 50,000 free electric blankets to customers in need.
The Group’s Kraken technology platform has also grown from 17 million to over 52 million accounts in two years. Kraken supports major energy retailers in the UK and globally, serving clients in Europe, Japan, and Australia.