Octopus Energy Raises €800M in Funding

Octopus Energy
Image courtesy of the Octopus Energy Group

Octopus Energy, a London, UK-based clean energy tech company, raised €800M in funding.

The round, which valued the company at $7.8bn (£6.2bn), saw participation from Origin Energy, Tokyo Gas, Canada Pension Plan Investment Board and Generation Investment Management.

The company intends to use the funds to accelerate international growth and expansion of low carbon technologies, especially heat pumps.

Founded by Greg Jackson, Octopus Energy is a clean energy tech business, which, under its own retail brand, delivers customer service and energy products to 7.2 million households globally. Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 Billion portfolio of projects. Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 52 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy.

Commenting on the news, Greg Jackson said: “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 $7.6bn (£6bn), and tripled the contracted accounts on our technology platform Kraken from 17 million to 52 million