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Origin to invest $355.1m in UK’s Octopus Energy

This will raise Origin’s stake at Octopus Energy to 23%.

Origin Energy will invest around $355.1m (280m pounds) in United Kingdom-based technology and energy firm Octopus Energy, increasing its share in the company by 3% to 23%.

The investment comes along with the funding made by the Canada Pension Plan Investment Board which will raise its share from 6% to 11% through around $380.5m (300m pounds) in funding, and the Generation Investment Management which will inject $57.1m (45m pounds), maintaining its around 10% stake.

Meanwhile, Tokyo Gas, which holds a 10% stake in Octopus may subscribe for additional shares to maintain its percentage stake.

ALSO READ: Origin Energy gets $28.6m fund for hydrogen hub dev’t

“The success of Octopus since our initial investment in May 2020 has exceeded all expectations and cemented our belief in its unique capabilities and strong platform for future growth,” said Origin CEO Frank Calabria.

“Acquisition of an increased interest in Octopus reflects Origin’s confidence in its business, strategy, proprietary technology platform and team, and is consistent with our ambition to lead the energy transition through cleaner energy and customer solutions. We continue to believe Octopus provides an important avenue for future growth,” he added.

Origin said the capital raising is being executed at a pre-money valuation of (5.6b pounds), representing around 60% growth in the value of Octopus since December 2021.

With over 11 million customer accounts, Octopus is now the UK’s largest electricity retailer and second largest energy retailer.

$1 = 0.79 pounds

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