Octopus Energy raises US$ 550m to invest in renewables-enabling tech

• UK-based energy group Octopus Energy has actually raised US$ 550 million to buy renewables-enabling innovations and solutions.

Octopus claimed it had actually raised US$ 550 million in two tranches; US$ 325 million through existing financiers, that includes the similarity Origin as well as Tokyo Gas; as well as a more US$ 225 million from Canadian Pension Plan Investment Board (CPP Investments).

The CPP Investments financing comes just eight months after the investor invested US$ 300 million in Octopus to support the development of its Kraken energy innovation platform, which optimizes different facets of the energy generation and also retail process.

Kraken is Octopus' proprietary energy tech platform which utilises innovative information handling and also artificial intelligence approaches to enhance grid strength as well as efficiency, consequently assisting in a lot more renewables to connect to national grids.

The proceeds of this most recent round of investment will certainly be made use of to expand Kraken further-- previously this year Octopus confirmed strategies to expand the platform right into other utilities-- as well as purchase additional items and also solutions to "aid address the energy crisis and also drive renewables at scale".

Greg Jackson, CEO at Octopus Energy Group, stated: "We are in realizing range of a clean, economical, secure energy system-- yet it requires continued daring from trendsetters like Octopus, as well as the support of visionary investors like CPP Investments, Generation, Origin and also Tokyo Gas."

Octopus operates energy retail organizations in countless jurisdictions, including the UK, Germany as well as the US, and also is a respected investor in utility-scale renewables.

Last week Octopus introduced a AU$ 10 billion (US$ 6.95 billion) investment platform to acquire renewables assets throughout Australia, acquiring the country's biggest operational solar project while doing so.