Al Gore Fund Increases Investment in Octopus Energy as Valuation Surges to £7.2bn | Business Update

Octopus Energy, one of Britain’s leading private companies, has solidified its position with a series of share trades valuing it at $9bn (£7.2bn).

Sky News has learned that the UK’s second-largest domestic energy supplier is on the cusp of achieving a rare ‘decacorn’ valuation – a term used for companies valued at least $10bn – following increased stakes from two shareholders.

According to sources in the City on Tuesday, Generation Investment Management – led by former US vice president Al Gore – and the Canada Pension Plan Investment Board (CPPIB) have invested around £300m to acquire shares from other investors in Octopus Energy.

This valuation represents a 15% increase from a fundraising event just five months ago when the company was valued at $7.8bn (£6.2bn).

This latest development highlights the remarkable growth of Octopus Energy under the leadership of its founder, Greg Jackson.

Founded only nine years ago, the company has expanded significantly through the acquisition of Bulb Energy, which was taken into temporary government ownership three years ago.

More recently, Octopus Energy acquired Shell’s household energy division in the UK, adding hundreds of thousands of new customers.

Octopus Energy’s technology platform, Kraken, is reportedly valued in the billions, showing strong growth driven by customer demand.

Kraken currently serves 54 million customer accounts, more than halfway to Octopus Energy’s goal of reaching 100 million globally by 2027.

The sale of secondary shares, which will result in substantial profits for several selling shareholders, leaves CPPIB with a 12% stake and Generation Investment Management with 13%.

Octopus Energy has chosen not to provide a comment at this time.