Octopus Energy secures £438m investment

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Octopus Energy secures £438m investment that could make it more valuable than British Gas owner

By Daily Mail City & Finance Reporter

Published: | Updated:


Octopus Energy has secured a £438m investment that could make it more valuable than British Gas owner Centrica. 

Generation Investment Management (GIM), a fund set up by former US vice-president Al Gore, will take a stake of up to 13 per cent in the challenger energy supplier. 

Man in with a van: Octopus will spend the cash to fuel its rapid growth, including developing its Kraken software, which helps manage power usage efficiently

GIM will invest an initial £219m, followed by another instalment of the same size in June if certain conditions are met. 

If the second part of the deal goes through, Octopus will be valued at £3.4billion. That compares with Centrica’s £3.3billion valuation last night. 

Octopus will spend the cash to fuel its rapid growth, including developing its Kraken software, which helps manage power usage efficiently and is used by Octopus customers as well as rivals such as Npower and Eon. 

Boss Greg Jackson said staff had been inspired by Gore’s documentaries about climate change. 

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