Octopus Energy Forms $ 300 Million Partnership With Canadian Pension Plan Investment Board To Advance The Green Generation | Your money
HOUSTON – (BUSINESS WIRE) – Nov. Dec. 2021–
Octopus Energy Group announced a new long-term strategic partnership with the Canada Pension Plan Investment Board (CPP Investments), one of the world’s largest pension funds and a global energy investing force.
This press release contains multimedia. View the full press release here: https://www.businesswire.com/news/home/20211214005893/en/
This global partnership consists of an initial capital investment of $ 300 million from CPP Investments with the aim of increasing the tied capital over time to support Octopus in its mission to advance the global green energy revolution. The transaction follows a recent round of investments with Generation Investment Management and brings Octopus Energy Group’s valuation to approximately $ 5 billion.
The $ 300 million financing will support Octopus Energy’s global expansion, including in the United States. This year, Octopus Energy opened its first US headquarters in Houston, Texas, where it has grown its customer base ten-fold. This $ 300 million will enable Octopus Energy to reach more consumers, adopt more renewable energies, advance new technologies and work with more energy companies, customers and utilities.
âThis investment gives a huge boost to our mission to expand access to renewable energies and provide exceptional customer service in all markets. Octopus Energy has turned energy on its head – throwing away call centers, confusing bills, and outdated systems – to create a better customer experience for everyone that takes into account how consumers interact with their energy and smart home devices while also making the experience more enjoyable , visually appealing and understandable. We are very excited to continue this work while promoting renewable energies and strengthening the grid in the US, âsaid Michael Lee, CEO of Octopus Energy USA.
CPP Investments ‘initial commitment and broader partnership will also help grow Octopus’ Kraken platform and accelerate the transition of energy assets around the world. It will also boost Octopus’ smart grid capabilities and help expand the company’s green power generation, including but not limited to the Fan Club – the UK’s first renewable energy tariff, serving communities near certain wind turbines cheaper electricity if the rotor blades are turning significantly (80.). % of all the time).
CPP Investments, the professional investment management organization that manages the C $ 541 billion fund, is a major investor for companies seeking opportunities presented by the energy transition and global demand for low-carbon energy alternatives. His Sustainable Energies Group, led by Bruce Hogg, operates across the global energy system with total assets of approximately $ 19.5 billion, including investments in renewable energy, utilities and power generation.
âIn the decades to come, some of the most rewarding long-term investment opportunities in the global economy will be among those companies that will enable, evolve, and innovate as we move towards a net-zero world. As a large, long-term investor, we are well positioned to continue our leadership role in investing in all of the economic development required by climate change. This investment and partnership with Octopus Energy, made through our Sustainable Energies Group, is a perfect example of how investors can work with leading technology-driven energy companies to digitally revolutionize the global energy system and support the move towards a low-carbon world, ” said Deborah Orida, Chief Sustainability Officer and Senior Managing Director, Global Head of Real Assets, CPP Investments.
Octopus is driving a global green energy revolution with a goal of building 100 million energy accounts on Kraken, Octopus’ proprietary smart grid customer service technology, with assets of over $ 4.5 billion by 2027. Current estimates put Octopus on the path to doubling its global generation portfolio and providing enough energy to power an additional 2 million households by 2025.
âOctopus pioneered the technology that enables citizens to benefit from cheaper energy when it gets greener. CPP Investments is a global force in energy investing and their investments and partnerships will enable us to build this truly innovative approach across the energy value chain. Innovating new ways to accelerate investments in the renewable energy revolution is vital to achieving government net-zero targets, and the partnership between CPP Investments and Octopus is important worldwide, paving the way for investment in Billions in the UK and worldwide. Make no mistake – this partnership is huge, “said Greg Jackson, CEO and Founder of the Octopus Energy Group.
By founding the Sustainable Energies Group (SEG), CPP Investments builds on existing strengths in the fields of renewable energies, conventional energy and innovation. In addition, the organization’s Sustainable Investing (SI) group supports the investment departments in integrating relevant ESG aspects into investment decisions and asset management.
This is another important milestone for Octopus Energy after investing Generation Investment Management’s long-term equity strategy in September 2021.
About Octopus Energy Group
Octopus Energy Group is a global energy technology pioneer founded in 2016 to use technology to enable a customer-centric and affordable green energy revolution. It is part of the Octopus Group which is a certified BCorp. With offices in 13 countries, the Octopus Energy Group’s mission is global.
Octopus’ domestic energy division already supplies cheaper, green power to 3.1 million customers through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transportation cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest renewable energy investors, managing a portfolio of $ 4.5 billion in renewable energy assets across the continent.
All of this is made possible by Octopus’ technology arm, Kraken Technologies, which offers a proprietary, in-house platform built on advanced data and machine learning capabilities towards a decentralized, decarbonized energy system. This technology has been licensed to support over 20 million customer accounts worldwide through agreements with EDF Energy, Good Energy, E.ON Energy and Origin Energy.
In September 2021, Octopus Energy Group was valued at $ 4.6 billion after acquiring $ 600 million from Generation Investment Management, a firm that helps companies advance sustainability and the fight against climate change. It was the company’s third major round of investment since launch.
Please visit our website for more information.
Via Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments) is a professional investment management organization that manages the fund in the best interests of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified asset portfolios, investments are made in public stocks, private stocks, real estate, infrastructure and fixed income securities worldwide. CPP Investments is headquartered in Toronto and has offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, SÃ£o Paulo and Sydney. CPP Investments is administered and administered independently of the Canada Pension Plan and independently of the governments. As of September 30, 2021, the fund was $ 541.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005893/en/
Media: Pakelody Cheam, [email protected]
KEYWORD: TEXAS UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: ENVIRONMENTAL TECHNOLOGY OTHER ENERGY SUPPLIERS OTHER TECHNOLOGY ALTERNATIVE ENERGY SOFTWARE ENERGY DATA MANAGEMENT
SOURCE: Octopus Energy Group
Copyright Business Wire 2021.
PUB: 12/14/2021 1:09 PM / DISC: 12/14/2021 1:10 PM