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One of Canada’s largest pension funds is contributing at least $ 300m to Britain’s powerful Octopus group as part of a deal that will push the age of six-year-olds to close to $ 5bn.
The Canada Pension Plan Investment Board (CPP Investments) will also take a 6 per cent stake in Octopus, which supplies electricity and gas to more than 3m British households and has made a name for itself with its expertise that permits competitors at home as well. outside.
Octopus, which also owns air and space projects in Europe, will continue to attract money at a time when the whole British energy market is beginning to collapse.
Than The 25 competitors have been destroyed since the beginning of August, affecting about 4m British households, as rising oil and gas prices have shown great insecurity for many corporate businesses.
In September, the fund for US Vice President Al Gore, Generation Investment Management, agreed cultivating up to $ 600m in Octopus to support its growth. Octopus also last year joined the alliance Tokyo Gas from Japan.
Greg Jackson, Octopus’ chief executive and co-founder, told the Financial Times that his company was different from other British powers because of its technical expertise and the amount of money it had earned since its inception in 2015. It has now raised $ 1.5bn. all equity costs.
Other advertisers who have been disrupted since the summer are Avro Energy, whose 580,000 customers were. then he was saved by Octopus, was found by the authorities to have no access to foreign exchange.
Half of the Octopus value comes from its technology platform, Kraken, which allows companies including Eon UK, EDF, Origin Energy of Australia and South Korea’s Hanwha Group, Jackson said.
“Electricity sales in the UK are less than half of our business,” he added.
Octopus said the agreement with CPPIB would be part of a long-term agreement that could see Canada’s C $ 541bn fund “grow at a later rate” to support the growth of the British company.
Funds starting at $ 300m will be invested in the Kraken tower, in Octopus’ renewable energy and energy efficiency projects. Currently 25m global customers are in Kraken, and Octopus plans to expand this to 100m by 2027.
Deborah Orida, chief security officer at CPP Investments, said the agreement was “an excellent example of how investors can work with energy companies to disrupt global energy”.
Octopus is still extinct, however. On April 30, 2020, the final accounts obtained, lost almost £ 47m of the $ 1.2bn money even though they “continued to sell money at rapid growth”.
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