More world-class investors join Octopus Energy Group as it supercharges growth in North America and Europe

• Global star investors Galvanize Climate Solutions and Lightrock back Octopus Energy
• Comes just one month after Octopus’ mega deal with existing investors
• Reaffirms Octopus’ $9bn valuation – a 15% increase since the last round 6 months ago

London, 5th June 2024 - Octopus Energy grows its influence around the world with new investors Galvanize Climate Solutions (“Galvanize”) and Lightrock joining its investors’ table.

The deal follows hot on the heels of Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) doubling down on their investment in Octopus, with the former securing new backing from pension funds in the USA and Australia, including Aware Super.

Both deals have valued the global energy and technology group at $9bn (£7.2bn) – a 15% increase from Octopus’ last big funding round in December 2023.

Galvanize is a climate-focused investment firm headquartered in San Francisco, aiming to deliver capital and expertise to accelerate climate solutions around the world.

The firm is chaired by Katie Hall and Tom Steyer who both founded successful global investment firms with assets worth over $36bn each.

Through its $1bn ‘Innovation + Expansion Fund’ – one of the largest climate funds ever raised – Galvanize is injecting further fuel into Octopus Energy’s expansion in North America.

Lightrock is a global investment platform dedicated to building a sustainable future. Headquartered in London, Lightrock manages capital across both public and private markets, a significant portion of which is dedicated to climate innovation.

With strong stakeholder relationships in Europe and a longstanding on-ground presence in Asia and Latin America, Lightrock will support Octopus in both its European and global growth.

Greg Jackson, Founder of Octopus Energy Group, said: “I’m thrilled to welcome Galvanize and Lightrock – backed by some of the world’s most successful investors with incredible track records.

“Their climate-focused investment is a powerful catalyst for our global expansion and will allow us to keep up the momentum to further drive our growth across North America, Europe and into emerging markets.

“We share a mission to accelerate the clean energy transition through smarter, more sustainable systems worldwide. With their support, we’ll increase our global impact, ramp up innovation and scale our vision for reshaping the energy landscape globally.”

Veery Maxwell, Co-Head of Innovation + Expansion at Galvanize, said: “In order to decarbonise, increased system optimisation and flexibility services for the power sector are critical, particularly as the industry grapples with escalating load growth and distributed generation.

“We believe Octopus’ capabilities are distinctly suited to support power market participants across the energy value chain and are looking forward to working with its leadership to accelerate growth across North America and beyond.”

Nigel McCleave, Partner at Lightrock, said: “It is remarkable that in less than a decade since founding, Octopus has become the UK’s largest provider of home electricity – a testament to its fair treatment of customers, pioneering technology, and transformation of the consumer energy experience.

“However, this feels like just the beginning; Octopus has the potential to transform so much more of the energy value chain for the better.

“The energy transition will require companies like Octopus to continue their trajectory of success, and we are excited to partner with a European leader that is not only succeeding, but which is already establishing itself as a truly meaningful company on the global stage.”

Octopus is a global energy and technology company that aims to drive the affordable, green energy system of the future through its retail brand, its investments in renewables and its proprietary technology platform, Kraken.

Kraken has become the fastest growing energy software globally. It recently announced signing a multi-year contract with Canadian Saint John Energy to license Kraken’s demand flexibility solution and end-to-end customer service platform.

As Kraken’s first partner in the North American energy market to license its customer platform, SJE will be able to continue its long history of industry-leading innovation by using Kraken to offer cutting-edge solutions that deliver customer value while also supporting a decentralised, green grid.

The market-leading platform also greatly reduces costs for suppliers and improves customer service levels. It is now contracted to serve over 54 million energy accounts across the world and manage over 38 GW across 180,000 green energy assets in 12 countries.

In the UK, Octopus has been “Which? Recommended” for an unprecedented 7 years in a row. The company continues to top TrustPilot ratings for energy suppliers and has won multiple awards, including being one of TIME Magazine’s ‘100 Most Influential Companies’.

-ENDS-

Notes to editors:

Press Contacts

Octopus Energy Group

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About Octopus Energy

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus Energy delivers world-class customer service and cutting edge energy products to 7.8 million households globally.

Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects – one of Europe’s largest. Octopus Energy has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy.

Kraken enables Octopus Energy to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.

For more information, check out our website.