UK-based Octopus Energy Group has raised $800m (£625m) in a funding round to expedite the company’s global clean energy growth.
Origin Energy and Tokyo Gas, the Canada Pension Plan Investment Board and Generation Investment Management participated in the funding round.
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The latest round values the eight-year-old company at $7.8bn – a rise of 60% since its previous investment round in December 2021.
Tokyo Gas chief digital officer Nobuhiro Sugesawa stated: “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.”
Octopus Energy intends to play a major role in accelerating renewables following COP [the COP28 UN Climate Change Conference] commitments.
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By GlobalDataThe funds will be used by the company to accelerate its growth and develop new low-carbon technologies.
Octopus Energy Group founder Greg Jackson stated: “Octopus Energy’s focus on customer service and technology has not only driven us to market leadership in UK power, but we have built the UK’s leading specialist electric vehicle leasing business. In just two years we have almost doubled our renewable generation portfolio to $7.6bn and tripled the contracted accounts on our technology platform Kraken from 17 million to 52 million.
“We remain obsessive about customers – we have been awarded “Which? Recommended” an unprecedented six years in a row, and … [we are]… rated 44 points higher than the next best company.
“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 company noted that the investment could result in the creation of 3,000 green jobs in the UK alone in 2024.
In December 2023, Octopus Energy Generation launched a joint venture with Nexta Capital Partners to develop 1.5GW of commercial-scale battery storage systems in Italy.
