Octopus Energy has announced an increase in its valuation to $9 billion, with existing shareholders Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) boosting their stakes in the company.
The deal, which represents a 15% increase in valuation since the last investment round, sees Generation Investment Management securing new backing from pension funds in the US and Australia, including Aware Super.
Generation now owns 13% of the Octopus Energy Group, while CPP Investments increases its stake to 12%.
The investment aims to enhance Octopus Energy’s profile in the USA and supports its plans to extend its Kraken technology into American markets, with the company having signed its first deal in Texas in 2023.
Since its launch eight years ago, Octopus Energy has raised over $2 billion from global investors and expanded into 18 countries
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