Octopus Energy Group is a global clean energy tech pioneer launched in 2016 that uses technology to unlock a customer-focused green energy revolution. Its core product is Kraken, a proprietary energy technology platform based on advanced data and machine learning that supports its retail, generation and flexibility businesses and is licensed to major energy players including E.ON and EDF. Collectively Kraken is licensed to support 25 million accounts globally, and Octopus’s domestic energy arm serves 3.4 million customers. The group manages renewables—cited as managing 3GW of energy projects and a £3.4 billion portfolio of renewable energy assets in Europe. Proceeds from the recent fundraising will be used to improve Kraken and to invest in products and solutions to help solve the energy crisis and drive renewables at scale. Operations span 14 countries and the company is part of Octopus Group, a certified B Corp. Octopus Energy Group builds energy software (Kraken) and retail energy businesses that automate the energy supply chain using data and machine learning. Kraken is licensed to support over 17 million energy accounts globally and Octopus’s retail brands serve 3.1 million customers after acquiring Avro Energy’s 600,000 accounts. The group manages a multi-billion-pound portfolio of renewable assets (noted as around £3–3.4bn) and runs businesses across domestic, business and generation segments. Octopus is investing in R&D and training — including a £10 million UK Centre for Decarbonisation of Heat — and has established the Centre for Net Zero to inform policy and scale clean technologies. It has also expanded into smart-grid and EV infrastructure (Electric Juice roaming network with over 100,000 charge points) and acquired smart-grid specialist Upside Energy. The company has launched in multiple markets including the US, Germany, Spain, New Zealand and Australia and aims to support 100 million energy accounts on Kraken by 2027.

Total raised

$925M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2022