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CPP announces $300 million investment in Octopus Energy

written by Bella Palmer
octopus-energy

This partnership follows the aspiration to grow the level of committed capital and to support Octopus in its mission to drive the global green energy revolution

Global energy tech pioneer, Octopus Energy, recently announced its long-term strategic partnership with the Canada Pension Plan Investment Board (CPP Investments), one of the world’s largest pension funds and a global force in energy investing.

This partnership follows the aspiration to grow the level of committed capital and to support Octopus in its mission to drive the global green energy revolution.

The deal follows a recent investment round with Generation Investment Management and increases Octopus Energy Group’s valuation to approximately $5 billion.

The $300 million funding is aimed at supporting Octopus Energy’s global expansion, including in the US. This year, the energy giant opened its first U.S. headquarters in Houston, Texas, where it has grown its customer base by 10 times.

The investment will therefore allow the company to reach more consumers, advance new technologies, deploy more renewable generation, and collaborate with more energy companies, customers, and utilities.

Michael Lee, CEO of Octopus Energy U.S. said: This investment delivers a huge boost to our mission of expanding access to renewable energy and delivering exceptional customer service across all markets.

Octopus Energy has turned energy on its head – thrown away the call centres, confusing bills, and tired systems – to create a better customer experience for everyone that takes into consideration how consumers interact with their energy and smart home devices while making the experience more enjoyable, visually appealing and understandable, he said.

He said: We’re thrilled to continue making strides on this work while advancing renewable energy and strengthening the grid across the U.S.

The commitment from the Canada Pension Plan will also help grow Octopus’s Kraken platform, accelerating the transition of energy assets globally.

It will boost Octopus’s smart grid capabilities and help the company expand in the areas of green energy generation, including but not limited to the Fan Club –U.K.’s first renewable energy tariff, which gives communities close to specific wind turbines cheaper power when the blades are spinning significantly (80% of the time).

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