Octopus Energy, a UK-based renewable energy supplier, has secured $800m in funding from new and existing investors, valuing the company at $5bn and making it one of the most valuable startups in Europe.
The company, which has over 3 million customers in the UK, Germany, Australia, New Zealand, and the US, plans to use the money to expand its customer base, invest in new green energy projects, and create 3,000 green jobs in the UK.
Octopus Energy offers 100% renewable electricity tariffs, smart meters, and innovative technology platforms to help customers save money and reduce their carbon footprint. The company also owns and operates more than 300 renewable energy projects, including wind, solar, and hydro, across six countries.
The company aims to reach 50 million customers by 2027 and generate as much clean electricity as it sells. The company claims to be profitable and growing rapidly, despite the challenges posed by the COVID-19 pandemic and the rising wholesale energy prices.
The company has attracted investors such as Generation Investment Management, co-founded by former US vice-president Al Gore, and Tokyo Gas, Japan’s largest gas utility. The company’s founder and CEO, Greg Jackson, said the funding would help the company accelerate its mission to make the world’s power 100% green.
Jackson also said the company would create 3,000 green jobs in the UK, including engineers, data scientists, and customer service agents. The company has been praised by the UK government and the energy regulator, Ofgem, for its role in driving the green energy transition and providing affordable and reliable service to customers.
The company has also been recognized as one of the best employers in the UK, offering flexible working, generous benefits, and a culture of innovation and diversity. The company has been awarded several accolades, such as the UK’s fastest growing private company by the Sunday Times, the UK’s best energy supplier by Which?, and the UK’s best place to work by Glassdoor.
The company has ambitious plans to expand into new markets, such as France, Spain, Italy, and Japan, and to launch new products and services, such as electric vehicle charging, battery storage, and green hydrogen.
