UK-based Octopus Energy Group has entered into a strategic partnership with Generation Investment Management for an additional investment of $600 million. This would increase Octopus Energy Group’s valuation to $4.6 billion post the deal. Generation Investment Management will take up to 13 per cent of equity stake in return for its investment. The deal also entails an equity investment of approximately $55 million from Origin Energy. The funds will be utilised by Octopus Energy to boost its renewable energy mission, globally.
At present, Octopus Energy manages over £3 billion of renewable energy generation, creating enough energy to power approximately 1.5 million homes. Its Kraken software platform provides energy solutions to over 17 million energy accounts across the globe. The company also established a centre for net zero in London to conduct research in environmental technology and policy. Octopus Energy is also investing £10 million into the first research and development and training centre for decarbonisation of heat in the UK. The center is expected to build capacity through training and create several jobs in the coming years. The company has an aim to support 100 million energy accounts on Kraken by 2027.
Recently, Octopus Energy launched operations in the USA and Germany. It also started a new venture, Electric Juice, which is UK’s first electric vehicle roaming network. The network has established over 100,00 charging points across Europe.
