Octopus Energy Group has closed its most recent funding round, securing $325m from its existing shareholders and an additional $225m from the Canada Pension Plan Investment Board (CPP Investments) for a total of $550m.

The funds from its existing shareholders, on terms agreed during the fundraising round in December 2021, will be used by the company 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.

The funding from CPP Investments will be used to accelerate and enhance the integration of renewables in the power system including leveraging Octopus’ leading KrakenFlex platform.

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.”

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