Our global mission is getting a US$300 million injection (and 30 new wind turbines) thanks to our partnership with CPP Investments
Just a month after I shared that Al Gore’s sustainable investment fund, Generation Management, would be investing in Octopus Energy Group, I’ve got more great news about the future of our business.
We’ve just signed a new long-term strategic partnership with Canadian Pension Plan Investments (CPP Investments), one of the world’s largest pension funds.
The deal means they’ll be providing an initial US$300 million equity funding for our global mission – and that’ll hopefully just be the start of something much bigger.
We’ve spent the last five years pioneering technology that allows people to benefit from cheaper energy as it gets greener. This new partnership will help us drive the same transformation along the entire energy value chain. We’ll use it to grow our Kraken platform, supercharging the development of a smart grid. It’ll also help us expand our renewable energy generation in loads of different ways, bringing cheaper, greener power to millions more homes across the UK and beyond – starting with the Octopus Energy Fan Club...
We’ll aim to add 30 new wind turbines to the Octopus Energy Fan Club, giving more UK communities cheaper power when their local turbine is spinning
A Octopus light projection on our #1 Fan in Yorkshire
Earlier this year, we introduced our two ‘biggest fans’ – a couple of wind turbines in Caerphilly and South Yorkshire – to the Octopus family. Soon after, we launched the Fan Club, the world's first tariff that lets people near a wind turbine benefit directly when the blades are turning.
That means cheaper power for Fan Club customers 80% of the time – and when the blades are working overtime, people get an even bigger discount to reward and encourage using power when green electrons are abundant.
This is a genuine paradigm shift in power tariffs, and a crucial one. For a long time, the green energy revolution didn’t work for the people. Customers couldn’t benefit from the low cost of renewables, instead paying for it through levies and higher grid costs. Frustrations around that, paired with scaremongering from those with vested interests in fossil fuels, led to some communities being less keen on new wind turbine developments.
The Fan Club helps make the green energy revolution genuinely for the people: fostering an incredibly strong and tangible connection between citizens and green generation. Since we launched the tariff earlier this year, more than 300 communities have reached out to us, asking whether they could get their very own Fan in their backyard.
Local school kids even came for a sustainability lesson at the base of our #2 Fan in Caerphilly, and designed a beautiful sign to introduce it to the community...
Today’s funding announcement will allow us to add 30 new wind turbines to the Fan Club, growing it by more than 1500%. What started as a small pilot is now going global – we're taking the Fan Club around the world and are raising £4bn to expand it to many more countries so millions of people can benefit from local green energy when it’s abundant.
CPP Investments’s faith in us will enable us to have a larger impact on the global energy industry
CPP Investments is a global force in energy investing, working on behalf of millions of Canadians with a fund worth C$541 billion. They’ve got a long history of funding businesses that develop low-carbon energy technologies to accelerate the world’s transition to renewables. Their Sustainable Energies Group has around C$19.5 billion in energy assets globally, from investments in renewables and utilities to power generation.
Octopus Energy’s mission is to drive a faster cheaper decarbonisation of energy globally. Our technology is designed to reduce the cost of renewables and to enable people to benefit from them especially at times when green energy is abundant.
CPPIB’s investment will let us build more of this tech, and deploy it across more of the global energy system. It’ll allow us to reach more consumers and citizens as well as deploy more renewable generation, and work with more energy companies, customers and utilities.
Climate change is a bigger threat to our planet than the pandemic - and that’s why Octopus are so determined to build a new energy system at pace. With the pandemic, society learned that the 15 year vaccine process could be shrunk to less than a year. We need to act with the same creativity and urgency here - and Octopus will be at the forefront.
That's why I especially wanted to describe here how huge this partnership could be, not just for the future of our business, but for all businesses driving the renewable energy revolution. Innovating new ways to accelerate investment into renewables is vital to delivering governments’ Net Zero goals. I’m really confident that our partnership could genuinely pave the way to billions of dollars of investment into green energy, here in the UK and around the world.
I’m absolutely honoured that CPP Investments have put their faith in us: we’ll work relentlessly to deliver fantastic results for them, their millions of pension holders, and of course, every brilliant customer around the world who’s been supporting what we do.
Hey I'm Constantine, welcome to Octopus Energy!×Close window