Octopus Energy has achieved a new valuation of $9bn as existing shareholders Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) increase their stakes.
The deal increases the global energy and technology group’s valuation by 15% on the last investment round, totalling $9bn (£7.2bn).
Generation Investment Management secured new backing from pension funds in the USA and Australia, including Aware Super.
Generation, the global sustainable investment manager, now owns 13% of the Octopus Energy Group.
CPP Investments also chose to invest more into Octopus, increasing its stake in the company to 12%.
The investment will increase Octopus Energy Group’s profile in the US, fuelling the company’s plans to extend its Kraken technology into American markets, having signed the first deal in Texas in 2023.
Octopus Energy closed its last funding round in December in which it raised $800m.
Since launching to the market eight years ago, Octopus has raised well over $2bn from global investors and expanded into 18 countries.
Greg Jackson, Founder of Octopus Energy Group, said: “Bringing globally respected long-term investors on board helps raise our profile in key markets, and opens up new opportunities to continue our international expansion.
“I’m delighted to partner with more pension funds, including Aware Super, and am excited at the prospect of accelerating Octopus and Kraken in North America and beyond, and continuing to invest in technologies that drive a smarter, cheaper energy system.
“I’m grateful to our hugely supportive existing investors for making this possible, and their continued commitment to our long-term mission.”