Octopus Energy Group secures new global investors to drive expansion in North America and Europe

Octopus Energy Group has strengthened its global presence with the addition of world-class investors Galvanize Climate Solutions and Lightrock.

This follows a significant investment boost from Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) last month, confirming Octopus’ valuation at $9 billion (£7.2 billion), up 15% since December 2023.

Galvanize Climate Solutions, a San Francisco-based climate-focused investment firm, and Lightrock, a London-headquartered investment platform focused on sustainability, join the roster of prominent investors supporting Octopus Energy. These strategic investments are intended to fuel Octopus Energy’s rapid expansion across North America and Europe.

Galvanize, chaired by Katie Hall and Tom Steyer, is injecting capital through its $1 billion Innovation + Expansion Fund, one of the largest climate funds ever raised, to accelerate Octopus Energy’s growth in North America. Lightrock will leverage its robust relationships with stakeholders in Europe and its presence in Asia and Latin America to support Octopus’ global ambitions.

Greg Jackson, Founder of Octopus Energy Group, expressed his excitement, saying: “I am delighted to welcome Galvanize and Lightrock – backed by some of the world’s most successful investors with incredible track records. Their climate-focused investments are a powerful catalyst for our global expansion and will enable us to maintain momentum to further drive our growth in North America, Europe and into emerging markets.”

Veery Maxwell, co-head of Innovation + Expansion at Galvanize, commented: “To decarbonize, increased system optimization and flexibility services for the energy sector are critical, especially as the industry grapples with escalating load growth and distributed generation. We believe Octopus’ capabilities are clearly suited to support energy market participants across the energy value chain and look forward to working with its leadership to accelerate growth in North America and beyond.”

Nigel McCleave, partner at Lightrock, praised Octopus Energy’s meteoric rise, saying: “It is remarkable that in less than a decade since its inception, Octopus has become the UK’s largest supplier of home electricity – a testament to the fair customer treatment, breakthrough technology and transforming 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.”

Octopus Energy is committed to driving the affordable, green energy system of the future through its retail brand, investments in renewable energy sources and its proprietary technology platform Kraken. Kraken has become the fastest growing energy software globally and recently signed a multi-year contract with Canada’s Saint John Energy to license its demand flexibility solution and customer service platform.

The Kraken platform significantly reduces costs for suppliers and improves customer service. The company has now been contracted to serve more than 54 million energy accounts worldwide and manage more than 38 GW across 180,000 green energy sources in 12 countries.

In Britain, Octopus Energy was “Which one? Recommended” for an unprecedented seven consecutive years, continues to earn the highest TrustPilot ratings for energy providers and has been recognized by TIME Magazine as one of the “100 Most Influential Companies.”