At the end of 2023, Octopus Energy Group raised $800 million in funding from its existing shareholders, which puts the company at a $7.8 billion valuation.
Octopus Energy aims to use the latest financing round “to accelerate international growth and expansion of low carbon technologies, especially heat pumps”. The investment is expected to create “3,000 green jobs” in the UK in 2024.
Shareholders that participated in the new investment round included Origin Energy, Tokyo Gas, Canada Pension Plan Investment Board (CPP Investments), and Al Gore’s Generation Investment Management.
In early December 2023, Octopus Energy acquired Shell Energy Retail in the UK and Germany. In addition to its growing retail operations in the UK and abroad, Octopus Energy also manages a £6 billion portfolio in renewable energy projects.
Moreover, Octopus Energy has recently expanded its operations to Sierra Leone, where it is developing the country’s first wind farm in partnership with Idris Elba and Siaka Stevens.
Greg Jackson, who founded the Octopus Energy Group in 2015, said: “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”.
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