Octopus Power Group Secures New World Traders to Enhance Enlargement in North America and Europe

Octopus Power Group has strengthened its international presence with the addition of world-class buyers Provoke Local weather Options and Lightrock.

This follows a big funding increase from Era Funding Administration and Canada Pension Plan Funding Board (CPP Investments) final month, reaffirming Octopus’ valuation at $9bn (£7.2bn), a 15% enhance since December 2023.

Provoke Local weather Options, a San Francisco-based climate-focused funding agency, and Lightrock, a London-headquartered funding platform devoted to sustainability, be a part of the roster of outstanding buyers supporting Octopus Power. These strategic investments purpose to gasoline Octopus Power’s speedy enlargement throughout North America and Europe.

Provoke, chaired by Katie Corridor and Tom Steyer, is injecting capital via its $1bn Innovation + Enlargement Fund, one of many largest local weather funds ever raised, to speed up Octopus Power’s progress in North America. Lightrock will leverage its sturdy stakeholder relationships in Europe and its presence in Asia and Latin America to help Octopus’ international ambitions.

Greg Jackson, Founding father of Octopus Power Group, expressed his enthusiasm, stating, “I’m thrilled to welcome Provoke and Lightrock – backed by among the world’s most profitable buyers with unimaginable observe information. Their climate-focused funding is a strong catalyst for our international enlargement and can enable us to maintain up the momentum to additional drive our progress throughout North America, Europe and into rising markets.”

Veery Maxwell, Co-Head of Innovation + Enlargement at Provoke, commented, “So as to decarbonise, elevated system optimisation and suppleness providers for the facility sector are essential, significantly because the trade grapples with escalating load progress and distributed technology. We consider Octopus’ capabilities are distinctly suited to help energy market contributors throughout the power worth chain and are trying ahead to working with its management to speed up progress throughout North America and past.”

Nigel McCleave, Accomplice at Lightrock, praised Octopus Power’s speedy rise, saying, “It’s outstanding that in lower than a decade since founding, Octopus has turn into the UK’s largest supplier of house electrical energy – a testomony to its truthful therapy of shoppers, pioneering know-how, and transformation of the buyer power expertise. Nonetheless, this appears like just the start; Octopus has the potential to rework a lot extra of the power worth chain for the higher.”

Octopus Power is dedicated to driving the inexpensive, inexperienced power system of the longer term via its retail model, investments in renewables, and its proprietary know-how platform, Kraken. Kraken has turn into the fastest-growing power software program globally, not too long ago signing a multi-year contract with Canadian Saint John Power to license its demand flexibility answer and customer support platform.

The Kraken platform considerably reduces prices for suppliers and enhances customer support. It’s now contracted to serve over 54 million power accounts worldwide and handle over 38 GW throughout 180,000 inexperienced power belongings in 12 international locations.

Within the UK, Octopus Power has been “Which? Beneficial” for an unprecedented seven consecutive years, continues to prime TrustPilot scores for power suppliers, and has been recognised by TIME Journal as one of many ‘100 Most Influential Corporations’.