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Octopus Energy Group has strengthened its global presence with the addition of world-class investors Galvanize Climate Solutions and Lightrock.
This follows a significant investment boost from Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) last month, reaffirming Octopus’ valuation at $9bn (£7.2bn), a 15% increase since December 2023.
Galvanize Climate Solutions, a San Francisco-based climate-focused investment firm, and Lightrock, a London-headquartered investment platform dedicated to sustainability, join the roster of prominent investors supporting Octopus Energy. These strategic investments aim to fuel Octopus Energy’s rapid expansion across North America and Europe.
Galvanize, chaired by Katie Hall and Tom Steyer, is injecting capital through its $1bn Innovation + Expansion Fund, one of the largest climate funds ever raised, to accelerate Octopus Energy’s growth in North America. Lightrock will leverage its robust stakeholder relationships in Europe and its presence in Asia and Latin America to support Octopus’ global ambitions.
Greg Jackson, Founder of Octopus Energy Group, expressed his enthusiasm, stating, “I’m thrilled to welcome Galvanize and Lightrock – backed by some of the world’s most successful investors with incredible track records. Their climate-focused investment is a powerful catalyst for our global expansion and will allow us to keep up the momentum to further drive our growth across North America, Europe and into emerging markets.”
Veery Maxwell, Co-Head of Innovation + Expansion at Galvanize, commented, “In order to decarbonise, increased system optimisation and flexibility services for the power sector are critical, particularly as the industry grapples with escalating load growth and distributed generation. We believe Octopus’ capabilities are distinctly suited to support power market participants across the energy value chain and are looking forward to working with its leadership to accelerate growth across North America and beyond.”
Nigel McCleave, Partner at Lightrock, praised Octopus Energy’s rapid rise, saying, “It is remarkable that in less than a decade since founding, Octopus has become the UK’s largest provider of home electricity – a testament to its fair treatment of customers, pioneering technology, and transformation of the consumer energy experience. However, this feels like just the beginning; Octopus has the potential to transform so much more of the energy value chain for the better.”
Octopus Energy is committed to driving the affordable, green energy system of the future through its retail brand, investments in renewables, and its proprietary technology platform, Kraken. Kraken has become the fastest-growing energy software globally, recently signing a multi-year contract with Canadian Saint John Energy to license its demand flexibility solution and customer service platform.
The Kraken platform significantly reduces costs for suppliers and enhances customer service. It is now contracted to serve over 54 million energy accounts worldwide and manage over 38 GW across 180,000 green energy assets in 12 countries.
In the UK, Octopus Energy has been “Which? Recommended” for an unprecedented seven consecutive years, continues to top TrustPilot ratings for energy suppliers, and has been recognised by TIME Magazine as one of the ‘100 Most Influential Companies’.