Sustainable energy specialist, Octopus Energy Group obtained $300 million in a long-term global strategic partnership with Canada Pension Plan Investment Board(CPP investment).
This investment has given a lot of dominance to the energy firm along with the expansion of the company’s valuation to $5 billion which was just $4.6 billion last year.
The British renewable energy group, Octopus Energy Group specializes in feasible and continuous energy solutions. It was founded in 2015 by Greg Jackson, headquartered in London, U.K. This green energy technology pioneer is well-known for gas and electricity production.
The domestic energy arm of Octopus serves $3.1 million customers already with much cheaper green power through Octopus Energy, Affect Energy, M&S Energy, Ebico, Affect Energy, Co-op Energy, and London Power.
The Electric Vehicle(EV) of Octopus is helping in making a cheaper and easier clean transport and its services are bringing smart products to thousands of homes. Its energy generation is one of the largest investors of renewable energy in Europe, which makes it a $4.5 billion portfolio of renewable assets all over the continent. Kraken Technologies have made all of this possible.
Purpose of this Equity Investment
The purpose of this long-term strategic partnership investment is stated by the officials as follows-
- Bringing their Energy’s Expansion to U.K. and Beyond
- To boost the smart grid capabilities of Octopus Energy- the CPP investment is on the way to building the existing strengths of renewable, innovative, and conventional energy in a stronger and smarter way.
- To deploy more renewable generation,
- Advance latest technologies
- Connect with more energy companies, utilities, and customers.
The CEO of Octopus Energy, Michael Lee said, our mission has got a huge boost with this recent investment, in expanding access to inexhaustible energy and delivering exceptional energy services across every market.
The energy has been turned away on its head by Octopus Energy which has thrown away the tired system and confusing bills, which aims to create a better experience for the customer that takes into consideration how customers link with their smart home devices and their energy.
He further added that they are thrilled to make advancements in this work while strengthening the grid across the US and advancing renewable energy.
Canada Pension Plan Investment(CPP Investment) has committed that they will help to grow the Octopus’s Kraken platform by accelerating the energy assets transition globally.
CPP is a professional organization of investment management that manages the fund in the greatest interest of more than 20 million beneficiaries and customers of CPP.
CPP was founded in 1997 by JohnGraham with its headquarters in Toronto, Canada, U.K. along with its offices in New York, London, Hong Kong, Mumbai, Sydney, etc.
CPP’s Chief Sustainability Officer and Senior Managing Director, Global Head of Real Assets said, In the upcoming decades, some of the long-term investment opportunities which are most rewarding in the worldwide economy depend upon those businesses that will allow, expand and innovate along the way to a net zero world. This partnership with Octopus Energy is an ultimate example of how the funders can work with the new generation technology enabled energy companies to support the advancement of a low carbon world.
In 2021, Octopus Energy Groups secured a $600M investment from Generation Investment Management at a valuation of $4.6 billion.
Conclusion
Octopus energy group has secured 300M at a valuation of $5B. The funding was secured by Canada Pension Plan Investment Board(CPP investment). The British renewable energy group aims to use this round’s capital in the expansion of their energy firm to the world.
FAQ:
Q1. Who founded Octopus Energy and when was it established?
Ans. Greg Jackson established Octopus Energy in 2015, and it has its main office in London, United Kingdom.
Q2. What is CPP Investment, and what part does it play in managing investments?
Ans. A reputable organisation for investment management, CPP Investment was established in 1997. In the best interests of its more than 20 million clients and beneficiaries, it manages money.
Q3. What role does Kraken Technologies play in the success of Octopus Energy?
Ans. It has supported their creative renewable energy solutions and made it possible for them to generate energy.
Q4. What is Octopus Energy, and what areas of expertise do they have?
Ans. A British company called Octopus Energy focuses on offering practical and ongoing energy solutions. They put a lot of attention on sustainable practices while concentrating on the generation of gas and electricity.
Q5. How does Octopus Energy support environmentally friendly energy sources?
Ans. They make investments in renewable energy assets all around Europe, and their $4.5 billion portfolio of renewable assets is among the largest on the continent.
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