UK-based clean energy technology firm Octopus Energy Group has announced new backing from sustainability-focused investors, including Galvanize Climate Solutions and Lightrock.
Octopus stated that these fresh investments came at a company valuation of $9 billion, which represents a 15% increase from its $800 million capital raise in December 2023.
Founded in 2016, Octopus Energy Group comprises 10 businesses operating across the energy value chain in 18 countries, serving over 7 million customers and 40,000 businesses. The company’s portfolio includes its retail brand, providing energy solutions to nearly 8 million households, and its machine learning platform, Kraken, which helps streamline the energy supply chain and enable customer self-service through automation.
This investment follows another round of funding announced last month from existing investors, Generation Investment Management and the Canada Pension Plan Investment Board (CPP Investments). Octopus noted that these funds will support its expansion in the U.S., particularly the growth of its Kraken platform in the U.S. markets.
Galvanize, established in 2022 by hedge fund billionaire and former presidential candidate Tom Steyer along with Hall Capital Partners founder Katie Hall, aims to provide the capital, expertise, and partnerships necessary for scaling critical climate solutions. The new investment was made through its venture and growth equity fund, Innovation + Expansion Fund.
London-based Lightrock specializes in managing capital in both public and private markets, with a significant focus on climate innovation.
