Octopus Investment to create 3,000 green jobs in UK in 2024
London, 18 December 2023, (Oilandgaspress): – Octopus Energy Group, the UK’s largest power supplier* and the owner of the Kraken technology platform, announces $800m (£625m) additional investment from its existing shareholders.
This new investment values the private company at $7.8bn (£6.2bn), a 60% increase since its previous investment round in December 2021.
Australian and Japanese giants Origin Energy and Tokyo Gas, one of the world’s largest pension funds, Canada Pension Plan Investment Board (CPP Investments), and sustainability-focused investors, Generation Investment Management are all participating in this round.
Greg Jackson, Founder of Octopus Energy Group, said: “Octopus Energy’s focus on customer service and technology has not only driven us to market leadership in UK power, but we’ve built the UK’s leading specialist electric vehicle leasing business, in just two years we’ve almost doubled our renewable generation portfolio to $7.6bn (£6bn), and tripled the contracted accounts on our technology platform Kraken from 17 million to 52 million.
“We remain obsessive about customers – we’ve been awarded “Which? Recommended” an unprecedented 6 years in a row and according to consultants Bain**, Octopus Energy is rated 44 points higher than the next best company.
“2023 saw us launch into heat pump installation and manufacture our own models – we now need to drive real scale. This year, our non-UK business has more than doubled* with Trustpilot scores of 4.8/5 in almost every country**.
“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.”
Origin Energy CEO Frank Calabria said of the investment: “The success of Octopus since our initial investment in May 2020 has exceeded all expectations and cemented our belief in its unique capabilities and strong platform for future growth.”
Nobuhiro Sugesawa, Chief Digital Officer at Tokyo Gas, comments: “Tokyo Gas has been advancing the retail electricity business in Japan through our joint venture, TG Octopus Energy, with Octopus Energy and most recently, we have started cooperating in renewable energy investments in Europe. Tokyo Gas believes that technology innovation is essential for future corporate growth. Through our partnership with Octopus Energy, we aim to provide our customers with services using the latest technology and clean energy. We look forward to growing with Octopus Energy.”
Octopus Energy Group’s Kraken technology platform has seen astounding success, from 17 million accounts two years ago, to over 52 million today. In UK energy retail, Kraken supports E.On, EDF and Good Energy in the UK as well as clients in Europe, Japan and Australia. Kraken is also licensed to water companies, electricity networks, renewable generators and large scale battery operators across the world.
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