3 years ago

Octopus Energy Secures $550 Million to Enhance Energy Tech and Renewables

  • Octopus Energy Group has raised $550 million in its latest funding round to improve its energy tech solutions and expand its renewables offering

  • The majority of the new funds, $325 million, were provided by existing shareholders, while $225 million came from Canada Pension Plan Investment Board

  • The company plans to use the capital to enhance its energy tech platform, Kraken, and expand its renewable energy offerings.

      • ProblemEnergy

      "The energy industry is facing a major challenge in transitioning to a clean, cheap, and secure energy system. This requires innovation and investment in new technologies to improve efficiency and reduce reliance on fossil fuels."

      Solution

      "Octopus Energy is developing a proprietary energy tech platform called Kraken, which uses machine learning to automate the energy supply chain and improve efficiency. The company is also expanding its renewables offering to provide cleaner energy sources. By licensing its Kraken platform to other energy providers, Octopus Energy is helping to accelerate the transition to a more sustainable energy future."

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