Octopus valuation jumped 60 per cent since 2021 as it launches fresh funding round
Octopus Energy Group has seen its valuation jump sixty per cent since 2021, as Britain’s largest energy supplier announces a fresh investment round.
The company said it’s now worth a cool £6.2bn, up from its last investment round in December 2021.
This morning, the company announced it would inject an additional £625m funds from its shareholders, as it continues to establish itself as one of Britain’s so-called ‘big six’ energy firms.
Included in the fresh round of investment are Australian and Japanese giants Origin Energy and Tokyo Gas, one of the world’s largest pension funds, Canada Pension Plan Investment Board (CPP Investments), and Generation Investment Management
Founder of Octopus, Greg Jackson, heralded its progress, saying: “In just two years we’ve almost doubled our renewable generation portfolio to £6bn, and tripled the contracted accounts on our technology platform Kraken from 17 million to 52 million.”
He added: “2023 saw us launch into heat pump installation and manufacture our own models — we now need to drive real scale.”
He added that “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”.
The announcement comes after a number of investment announcements around the world, including a massive solar project in Sierra Leone, in partnership with Idris Elba.
It said it would be the fifth continent and eighteenth country Octopus now operates in.
Octopus also just completed the acquisition of Shell’s energy and broadband business and secured a £550m funding facility from Lloyds for its electric vehicles.