Octopus Energy Group raises USD 550 Million for global expansion
Author : Pankaj Singh | Published Date : 2022-07-28
British renewable energy group Octopus Energy Group has reportedly raised USD 550 million to expand its support for renewables, enhance its energy technology platform, and grow its business.
The company intends to use the proceeds to improve the energy tech platform Kraken and invest in solutions and products that can drive renewable energy generation.
The group has raised USD 325 million from current stakeholders by closing a funding round and a further USD 225 million from Canada Pension Plan Investment Board (CPP Investments).
The additional investment from CPP will help Octopus in expediting and improving renewable integration in the power system by leveraging the company’s leading platform KrakenFlex.
Octopus currently has energy projects of 3 gigawatts under management. The company’s domestic arm supplies around 3.4 million customers.
Kraken, which supports its generation, retail, and flexibility businesses, is licensed to support around 25 million accounts worldwide, inclusive of other key energy players like EDF and E. ON in the United Kingdom.
Octopus Energy Group Founder and CEO, Greg Jackson, has opined that bold innovators like Octopus, along with financial supporters like Generation, CPP Investments, Tokyo Gas, and Origin will help in attaining cheaper, cleaner, and secure energy systems.
Bruce Hogg, Managing Director & Head of Sustainable Energies at CPP Investments also stated that the organization seeks to collaborate with leading tech-empowered energy firms and contribute to the evolution of a zero-carbon world.
Hogg added that investment in the energy transition is essential to access unexplored potential and provide avenues for delivering risk-adjusted, long-term returns to the beneficiaries and contributors of CPP.
For the record, Octopus is a UK-based developer of renewable energy that claims to empower over 3 million homes with affordable clean energy to its clients, sans profit-making. The company has operations in Japan, Italy, Spain, New Zealand, France, and the U.S.
Source credit:
About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
Related News
Bayers new CEO initiates management job cuts to accelerate decision-making
Bayer newly appointed CEO, Bill Anderson, has reportedly unveiled plans to streamline the companys management structure in a bid to expedite decision-making processes. This marks the first step in a broader effort to transform the embattled German company, which has been under pressure from inv... Read More>>
Smurfit Kappa in Merger Talks with WestRock worth $19 Billion
Smurfit Kappa, a prominent player in the packaging industry, is reportedly engaged in merger discussions with its US counterpart, WestRock. This prospective merger has the potential to create a cardboard box-making powerhouse boasting a market value approaching $19 billion (€17.8 billion). Furt... Read More>>
RBC plans job cuts to take on anticipated economic softening
The Royal Bank of Canada is reportedly planning to reduce its workforce by approximately 1,800 jobs as part of cost-cutting measures, on account of the anticipated upcoming economic landscape. This decision comes after the country's largest bank surpassed analysts' predictions for the third ... Read More>>