Octopus Vitality Group and CPP Investments announce strategic partnership

  • CPP Investments invests US$300 million initially to assist Octopus Vitality Group‘s international growth
  • CPP Investments companions with Octopus to assist its Kraken know-how platform to deploy good vitality throughout full vitality provide chain
  • Will allow Octopus Vitality Fan Membership so as to add 30 extra wind generators for cleaner and cheaper vitality for communities, drive know-how growth and develop extra quickly internationally

TORONTO and LONDON, Dec. 10, 2021 /CNW/ – Octopus Vitality Group at the moment declares a long-term strategic partnership with Canada Pension Plan Funding Board (CPP Investments). This international partnership is shaped of an preliminary US$300 million fairness funding from CPP Investments with an aspiration to develop the extent of dedicated capital over time to assist Octopus of their mission to drive the worldwide inexperienced vitality revolution.

The deal follows a current funding spherical with Era Funding Administration and will increase Octopus Vitality Group’s valuation to roughly US$5 billion.

Octopus is a worldwide clear vitality tech pioneer. Its know-how platform, Kraken, helps its personal retail, technology and suppleness companies and is licensed to Origin Vitality, E.On UK, Good Vitality, Hanwha and EDF – collectively supporting 25 million accounts and 3GW of technology.

Below its personal model, Octopus delivers customer-focused and inexpensive inexperienced vitality companies to over 3 million prospects within the U.Okay., with unrivalled customer support. In addition to the U.Okay., Octopus Vitality is now accessible in Germany, U.S.A., Spain, Italy, New Zealand and Japan. It is usually one of many U.Okay.’s main electrical energy mills, creating sufficient inexperienced vitality to energy about 2 million houses.

The preliminary dedication from CPP Investments and the broader partnership will assist develop Octopus’s Kraken platform, accelerating the transition of vitality property globally. It’s going to additionally enhance Octopus’s good grid capabilities and assist develop the corporate’s inexperienced vitality technology, together with however not restricted to the Fan Membership – the U.Okay.’s first renewable vitality tariff that provides communities near particular wind generators cheaper energy when the blades are spinning considerably (80% of the time).

CPP Investments, the skilled funding administration group managing the C$541 billion fund, is a big supplier of capital to corporations seeking to seize alternatives led to by the vitality revolution and the shift in international demand for low-carbon vitality alternate options. Its Sustainable Energies Group, led by Bruce Hogg, is energetic throughout the worldwide vitality system with whole property of roughly C$19.5 billion, together with investments in renewables, utilities, and energy technology.

Deborah Orida, Chief Sustainability Officer and Senior Managing Director, International Head of Actual Belongings, CPP Investments, mentioned:

“Within the many years to return, among the most rewarding long-term funding alternatives within the international financial system relaxation amongst these companies that can allow, evolve and innovate alongside the trail to a net-zero world. As a big, long-term investor, we’re well-positioned to proceed our management in investing in the entire financial system evolution required by local weather change.

“This funding and partnership with Octopus Vitality, made by means of our Sustainable Energies Group, is an ideal instance of how buyers can work with main tech-enabled vitality corporations to digitally disrupt the worldwide vitality system and assist the evolution to a low carbon world.” 

Octopus is driving a worldwide inexperienced vitality revolution, with a objective of 100 million vitality accounts on Kraken, Octopus’s proprietary good grid customer support know-how, by 2027. Octopus’s renewable funding arm, Octopus Vitality Era, is one in every of Europe’s largest renewable vitality buyers and manages property in extra of $4.5 billion. Present estimates put Octopus on the trail to double its international technology portfolio, offering sufficient vitality to energy an extra 2 million houses by 2025.

Greg Jackson, CEO and founding father of Octopus Vitality Group, mentioned:

“Octopus has pioneered the know-how that enables residents to learn from cheaper vitality because it will get greener. CPP Investments is a worldwide pressure in vitality investing, and their funding and partnership will allow us to construct this actually progressive method alongside the whole vitality worth chain. 

“Innovating new methods to speed up funding into the renewable vitality revolution is important to delivering governments’ web zero targets and the CPP Investments-Octopus partnership is globally vital, paving the way in which to billions of {dollars} of funding within the U.Okay. and globally. Make no mistake – this partnership is large.”

By means of the institution of the Sustainable Energies Group (SEG), CPP Investments is constructing on present strengths in renewables, typical vitality and innovation. Moreover, the group’s Sustainable Investing (SI) group helps funding departments on the mixing of related ESG concerns into funding decision-making and asset administration.

That is one other robust milestone for Octopus Vitality following the funding by Era Funding Administration’s Lengthy-term Fairness technique in September 2021.

About Octopus Vitality Group

Octopus Vitality Group is a worldwide vitality tech pioneer, launched in 2016 to make use of know-how to unlock a buyer centered and inexpensive inexperienced vitality revolution. It’s a part of Octopus Group, which is a licensed BCorp. With operations in 13 nations, Octopus Vitality Group’s mission goes international.

Octopus’s home vitality arm already serves 3.1 million prospects with cheaper greener energy, by means of Octopus Vitality, M&S Vitality, Have an effect on Vitality, Ebico, London Energy and Co-op Vitality. Octopus Electrical Automobiles helps make clear transport cheaper and simpler, and Octopus Vitality Companies is bringing good merchandise to hundreds of houses. Octopus Vitality Era is one in every of Europe’s largest buyers in renewable vitality, managing a $4.5 billion portfolio of renewable vitality property all through the continent.

All of those are made potential by Octopus’s tech arm, Kraken Applied sciences, which affords a proprietary, in-house platform based mostly on superior knowledge and machine studying capabilities, Kraken automates a lot of the vitality provide chain to permit excellent service and effectivity because the world transitions to a decentralised, decarbonised vitality system. This know-how has been licensed to assist over 20 million buyer accounts worldwide, by means of offers with EDF Vitality, Good Vitality, E.ON vitality and Origin Vitality.

In September 2021, Octopus Vitality Group was valued at $4.6 billion after taking $600 million funding from Era Funding Administration, a agency co-founded and chaired by Al Gore that backs companies that drive sustainability and the combat towards local weather change. It was the corporate’s third main funding spherical since launching to the market.

For extra data, take a look at our web site.

About Canada Pension Plan Funding Board

Canada Pension Plan Funding Board (CPP Investments) is an expert funding administration group that manages the fund in the very best curiosity of the greater than 20 million contributors and beneficiaries of the Canada Pension Plan. As a way to construct diversified portfolios of property, investments are made all over the world in public equities, personal equities, actual property, infrastructure and stuck revenue. Headquartered in Toronto, with places of work in Hong Kong, London, Luxembourg, Mumbai, New York Metropolis, San Francisco, São Paulo and Sydney, CPP Investments is ruled and managed independently of the Canada Pension Plan and at arm’s size from governments. At September 30, 2021, the Fund totalled C$541.5 billion. For extra data, please go to www.cppinvestments.com or observe us on LinkedInFb or Twitter.

SOURCE Canada Pension Plan Funding Board

For additional data: Press Contact: Octopus Vitality, Christina Hess, T: +44 (0)20 45308369, M: +44 7897 699 195, E: [email protected]; CPP Investments, Steve McCool, T: +44 20 3947 3002, M: +44 7780 224 245 , E: [email protected]

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