Octopus Energy Group has completed its recent funding round, raising $550m with investors.
The company plans to use the money to further improve its energy technology platform, Kraken, and invest in products and solutions that can help solve the energy crisis and drive renewables at scale.
Octopus has secured $325m from its existing shareholders. An additional $225m commitment has come from Canada Pension Plan Investment Board (CPP Investments), as part of a strategic partnership to enhance the integration of renewables into the power system.
Octopus is a global clean energy tech pioneer and one of the largest renewables investors in Europe, managing 3GW of energy projects.
Its technology platform, Kraken, supports its own retail, generation and flexibility businesses and is licensed to other major energy players, including E.ON and EDF in the UK.
Collectively Kraken is licensed to support 25 million accounts globally.
Greg Jackson, CEO and founder of Octopus Energy Group, said: “Octopus will continue to do all we can to help customers through the energy crisis, whilst investing in better solutions to make sure it never happens again.
"We are in grasping distance of a clean, cheap, secure energy system – but it needs continued boldness from innovators like Octopus, and the backing of visionary investors like CPP Investments, Generation, Origin and Tokyo Gas.”
Bruce Hogg, managing director and head of sustainable energies at CPP Investments, said: “Furthering our partnership with Octopus is an important milestone as we continue to support the long-term transition to lower-carbon energy solutions.
“Octopus is a significant innovator in the energy sector, and within the UK market it is continuing to provide renewable and clean energy to a growing customer base.
“As global investors, we seek to work with leading tech-enabled energy companies and in the evolution to a low carbon world. Investing in the energy transition is important to access untapped potential, and provide opportunities for delivering attractive long-term, risk-adjusted returns and to CPP contributors and beneficiaries.”