Octopus Energy has reached a new valuation of $9bn as existing shareholders Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) increase their stakes in the business.

The deal increases the group’s valuation by 15 per cent on the last investment round, with sustainable investment manager Generation now owning 13 per cent of the Octopus Energy Group. CPP Investments also chose to invest more into Octopus, increasing its stake in the company to 12 per cent.

With the extra funding, Octopus Energy intends to raise its profile in the US, having signed the first deal in Texas in 2023. Currently, it is contracted to serve over 54 million energy accounts across the world and manages over 38GW across 180,000 green energy assets in 12 countries.

Octopus Energy closed its last funding round in December in which it raised $800m. Since launching to the market eight years ago, Octopus has raised well over $2bn from global investors and expanded into 18 countries.

This news follows a number of announcements by Octopus Energy around the world, including its recent investment into Ocergy, a tech disruptor in the floating offshore wind industry, working with over a dozen major developers across multiple projects. The company also announced a partnership with Energisa Group, a prominent electricity and gas utility in Brazil, to advance the energy revolution in South America’s biggest country by focusing on knowledge transfer, licensing and potential joint ventures.

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