Octopus Energy now valued at $9 billion

Two of Octopus Energy’s investors have raised their investment which has now valued the energy company at $9 billion.

The two major investors Generation Investment Management and Canada Pension Plan Investment Board bought larger shares in the group.

Generation upped their stake by 13% after receiving new backing from pension funds in Australia and the US, whilst CPP Investments increased their stake to 12%.

Greg Jackson, founder of Octopus Energy Group, said, “Bringing globally respected long-term investors on board helps raise our profile in key markets, and open up new opportunities to continue our international expansion.”

Tom Hodges, co-head of private equity at Generation Investment Management, said, “The company has accelerated ahead of its UK peers in energy and in Kraken has developed the first credible digitisation platform for utilities.”

Bill Rogers, global head of sustainable energies at CPP Investments, added: “Through this increased commitment to Octopus Energy, we are pleased to support the business as it enters this next period of growth.

“As a pioneering, and tech-enabled energy company, Octopus Energy has an expanding global footprint and remains a leader and innovator in the energy sector, through both its customer propositions and its support of the global energy transition.”