Octopus Energy closes financing deal and reaches $5bln worth

Octopus Energy

Octopus Energy, a global clean energy tech pioneer, announced a long-term Strategic Partnership with the Canada Pension Plan Investment Board (CPP) this Friday. Under the terms of the partnership, CPP will invest an initial $300 million from CPP Investments with an aspiration to grow the level of committed capital over time.

Firstly, the goal of the partnership is to help grow Octopus on its journey as a global green energy leader. Octopus Energy is indeed a global clean technology leader. Its technology platform, Kraken, supports its own retail, generation, and flexibility businesses.

Moreover, the platform is already licensed to Origin Energy, E.On the UK, Good Energy, Hanwha, and EDF. They are collectively supporting 25 million accounts and 3GW of generation. Under its own brand, Octopus delivers customer-focused and affordable green energy services to over 3 million customers in the UK.

In addition to the UK, Octopus Energy also has a presence in Germany, the US; Spain, Italy, New Zealand, and Japan. It is also one of the UK’s leading electricity generators, creating enough green energy to power about 2 million homes.

Furthermore, the deal with the CPP follows a recent investment round with Generation Investment Management. As a result of both processes, Octopus Energy has grown its value to approximately $5 billion.

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Octopus Energy driving a global green energy revolution

The CPP capital commitment will therefore help Octopus’s Kraken platform, accelerating the transition of energy assets globally. It will also boost Octopus’s smart grid capabilities and help expand the company’s green energy generation.

Deborah Orida, Chief Sustainability Officer, CPP Investments, said about the matter. “In the decades to come, some of the most rewarding long-term investment opportunities in the global economy rest among those businesses that will enable, evolve and innovate along the path to a net-zero world.”

She also remarked. “As a large, long-term investor, we are well-positioned to continue our leadership in investing in the whole economy evolution required by climate change.” On the other hand, Greg Jackson, CEO, and founder of Octopus Energy Group said. “Octopus has pioneered the technology that allows citizens to benefit from cheaper energy as it gets greener. CPP Investments is a global force in energy investing, and their investment and partnership will enable us to build this truly innovative approach along the entire energy value chain.”

Finally, Octopus is driving a global green energy revolution; with a goal of 100 million energy accounts on Kraken, Octopus’s proprietary smart grid customer service technology, by 2027. Fan Club, the company’s first renewable energy tariff in the UK, gives communities close to specific wind turbines cheaper power when the blades are spinning significantly (80% of the time).

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