Part of a multi-industry group founded in 2000, it has raised nearly $3 billion. It operates in 18 countries with its Kraken platform
As reported by Reuters, the scaleup Octopus Energy has reached a valuation of 9 billion dollars, a figure that places it above the value of the British Gas company. The increase was 15% compared to the 7.8 billion valuation recorded on the occasion of the last 800 million round at the end of 2023. This was possible thanks to the fact that two investors already present decided to increase their holdings in the companies: Generation Investment Management rose to 13% and Canada Pension Plan Investment Board to 12%.
What Octopus does
Octopus is a British group founded in 2000 which operates as a B Corp in various sectors, from finance to energy. The Energy division, launched in 2016, is present through subsidiaries in various countries, including Italy where it entered the market in 2021 with the acquisition of SATO Luce e Gas.
Octopus Energy recently overtook British Gas becoming the largest domestic electricity supplier in the Great Britain by number of customers. Across the Channel, the company acquired Shell Energy at the end of 2023. So far it has raised almost $3 billion and is present in 18 countries with its offering based on renewable energy.
Read also: «The ecological transition will be a new industrial revolution». Interview with Giorgio Tomassetti, CEO Octopus Energy Italia
In an interview published on StartupItalia in 2022, the country manager of Octopus Energy Italia Giorgio Tomassetti he explained to us how the proprietary platform works Kraken: «We make it easy for users to understand when to use energy. You can set the system to recharge your electric car when energy is cheaper. Otherwise it is even possible to sell the energy from your car to the system when the price rises.”
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