Octopus Energy Group is set to accelerate its expansion in North America and Europe with the addition of two esteemed investors, Galvanize Climate Solutions and Lightrock. This move comes on the heels of a significant investment last month, reaffirming Octopus’ valuation at $9 billion (£7.2 billion), marking a 15% increase since December 2023.
Galvanize Climate Solutions, headquartered in San Francisco, brings substantial capital through its $1 billion Innovation + Expansion Fund, aiming to bolster Octopus Energy’s growth trajectory in North America. Meanwhile, Lightrock, based in London, will leverage its network in Europe, Asia, and Latin America to support Octopus’ global ambitions.
Greg Jackson, Founder of Octopus Energy Group, expressed enthusiasm for the partnership, stating, “I’m thrilled to welcome Galvanize and Lightrock – backed by successful investors. Their investment will fuel our global expansion.”
Veery Maxwell, Co-Head of Innovation + Expansion at Galvanize, highlighted the importance of system optimization and flexibility services in the power sector, emphasizing Octopus Energy’s suitability to support market participants.
Nigel McCleave, Partner at Lightrock, commended Octopus Energy’s growth and its potential to transform the energy value chain positively.
Octopus Energy’s commitment to green energy is underlined by its retail brand, renewable investments, and its technology platform, Kraken. Kraken recently secured a contract with Canadian Saint John Energy, further solidifying its global presence.
The platform, known for reducing costs and enhancing customer service, now serves over 54 million energy accounts worldwide and manages over 38 GW across 180,000 green energy assets in 12 countries.
In the UK, Octopus Energy’s performance has earned it several accolades, including being “Which? Recommended” for seven consecutive years, topping TrustPilot ratings for energy suppliers, and recognition by TIME Magazine as one of the ‘100 Most Influential Companies’.
Octopus Energy’s strategic partnerships and technological innovations continue to position it as a key player in the global energy sector, driving sustainable growth and value creation across continents.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
6th June, 2024
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