Octopus Energy Group has secured $550m from a mix of existing and new investors to boost its global renewables strategy.
A total of $325m came from existing shareholders on terms agreed during a December fundraising 2021 round.
An additional $225m has been committed by Canada Pension Plan Investment Board (CPPIB), as part of its strategic partnership with Octopus.
CPPIB had already agreed an initial investment of $300m in Octopus in December 2021.
Octopus confirmed the $225m committed by CPPIB is in addition to the $300m, but declined to comment whether the initial investment had been included in its new fundraising total.
Octopus Energy plans to use the money to further improve its energy technology platform, Kraken, and invest in products and solutions that can help solve the energy crisis and drive renewables at scale.
Octopus is one of the largest renewables investors in Europe, managing 3GW of energy projects.
Its technology platform, Kraken, supports its own retail, generation and flexibility businesses and is licensed to other major energy players, including Eon and EDF in the UK.
Greg Jackson, CEO and founder of Octopus Energy Group, said: “Octopus will continue to do all we can to help customers through the energy crisis, whilst investing in better solutions to make sure it never happens again.
“We are in grasping distance of a clean, cheap, secure energy system – but it needs continued boldness from innovators like Octopus, and the backing of visionary investors like CPP Investments, Generation, Origin and Tokyo Gas.”
Bruce Hogg, Managing Director and Head of Sustainable Energies at CPP Investments, said: “Octopus is a significant innovator in the energy sector, and within the UK market it is continuing to provide renewable and clean energy to a growing customer base.
“As global investors, we seek to work with leading tech-enabled energy companies and in the evolution to a low carbon world.
“Investing in the energy transition is important to access untapped potential, and provide opportunities for delivering attractive long-term, risk-adjusted returns and to CPP contributors and beneficiaries.”