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Retail Supplier Valuation Said To Increase To $9 Billion, Following Further Commitments From Existing Investors, Will Support Growth In USA
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Octopus Energy today announced a new valuation of $9bn as existing shareholders Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) increase their stakes in the business.
"The deal increases the global energy and technology group’s valuation by 15% on the last investment round, totalling $9 billion (£7.2bn)," Octopus said
Generation Investment Management secured new backing from pension funds in the USA and Australia - including Aware Super.
Generation, a 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 said
Octopus Energy closed its last funding round in December in which it raised $800 million.
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."
Octopus Energy noted that it has become the largest electricity supplier in the UK, surpassing incumbent British Gas
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May 7, 2024
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Copyright 2010-24 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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