Octopus Energy Group has raised US$550 million (£458.1 million) to bolster its Kraken energy tech platform and further drive renewables at scale.
The parent company of energy supplier Octopus said it had raised US$550 million through two separate rounds featuring existing investors in the business.
A total of US$325 million had been raised according to terms agreed during the fundraising round launched last December, while Canadian Pension Plan Investment Board had agreed to invest a further US$225 million to further the company’s position in renewables, having invested an initial US$300 million just eight months ago.
Octopus said it would use the proceeds of the round to both improve on its Kraken platform, launched 2019, and to invest in additional products and solutions that can “help solve the energy crisis and drive renewables at scale”.
While initially launched as a platform to help support energy retailers, Octopus has this year looked to expand its Kraken technology to support other utilities, such as water and broadband. Its energy customers include the likes of EDF and Good Energy.
Greg Jackson, CEO at Octopus Energy Group, said: “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.”
The investment caps a busy period of activity for Octopus, having last week launched a AU$10 billion investment platform to acquire renewables assets in Australia, purchasing the country’s largest operational solar project in the process.