Octopus Energy has announced the creation of around “3,000 green jobs” in the UK by 2024 after securing impressive funding from its shareholders.
The British energy firm said it raised $800 million (£630 million).
It comes just weeks after becoming the UK’s largest power supplier after acquiring Shell Energy.
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The current investment boosts the company’s valuation to nearly $8 billion.
This investment is a testament to Octopus’s 60 percent surge in value over the past two years.
Founded in 2015, Octopus Energy has rapidly grown to rival established industry players like British Gas and E.ON.
It capitalises on disruptive strategies in the domestic gas and electricity supply space.
Octopus’s recent acquisition of Shell Energy, previously on the market for sale by Shell, has further solidified its dominance in the UK domestic power sector.
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According to industry regulator Ofgem, the company now commands a 21.3 percent share of the domestic electricity supply market, outstripping British Gas’s 20.4 percent.
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The fundraising success involved participation from existing investors such as Tokyo Gas and Al Gore’s Generation Investment Management and Origin Energy and the Canada Pension Plan Investment Board contributions.
Octopus Energy, led by entrepreneur Greg Jackson, has shown resilience in a sector marked by disruptions, underscored by its acquisition of Bulb Energy last year.
Jackson said: “With the renewed commitment seen at Cop and our model proven, we will invest to accelerate our growth and create a truly global clean energy giant.”
