Fuelling Global Expansion and Heat Pump Business Growth
Octopus Energy, the UK’s second-largest gas and electricity supplier, has attained a £6.2 billion valuation after successfully raising £625 million from investors. This significant boost, bringing its total valuation to $8 billion, positions the company for global expansion and an expanded focus on its heat pump business.
Major Investments Fueling Growth
In the latest fundraising round, Octopus Energy secured substantial investments, with the Canada Pension Plan Investment Board contributing $326 million and Australia’s Origin Energy adding $305 million. Two other investors, Tokyo Gas and Generation Investment Management, are maintaining their existing percentage stakes. The latter, founded by former US vice-president Al Gore, emphasizes its commitment to net-zero investing.
Overtaking Competitors and Green Job Creation
Octopus Energy has reportedly surpassed British Gas owner Centrica as the UK’s leading electricity supplier. The company’s CEO, Greg Jackson, envisions the future of energy to be heat pumps rather than traditional gas, aligning with the government’s net-zero goals. The investment is expected to create 3,000 “green jobs” in the UK next year, including 2,000 engineers installing heat pumps.
Diversified Business Ventures
Founded in 2015, Octopus Energy has expanded rapidly, serving over 5 million UK households. Its recent acquisition of 1.3 million Shell Energy customers in the UK and Germany further solidified its market presence. Octopus Energy’s influence extends beyond its consumer base, as it provides its Kraken computer system to domestic energy giants like E.On, EDF, and Good Energy.
With operations now spanning 18 countries and a strategic focus on green technologies like electric vehicle leasing, Octopus Energy continues to play a pivotal role in shaping the future of clean energy.
Source：telegraph.co.uk
