Generation Investment Management, a firm established in 2004 to back businesses driving sustainability and the fight against climate change, has invested in Octopus Energy Group.
The agreement, which has been several months in the making, will see Generation’s long-term equity strategy take a stake of up to approximately 13% in the business. Octopus is a British electricity generator that creates green energy to power homes.
Octopus Energy, Founder and CEO, Greg Jackson said, “Whilst the UK energy market is currently in a tough state, it’s highlighted the need for investment in renewables and technologies to end our reliance on fossil fuels. So we are delighted to announce our agreement with Generation Investment Management, created to back sustainable companies changing the world for the better. 3 years ago, the management team of Octopus Energy met to discuss growth plans for our fledgling company. We watched An Inconvenient Sequel and were inspired to accelerate and expand our mission to make energy greener faster, cheaper, across the globe. Being backed by Generation, co-founded and chaired by Al Gore, enables us to make that dream come true.”
Tom Hodges, Partner in the Long-term Equity strategy, said, “Octopus Energy has an extraordinarily good fit with Generation’s mission of investing over the long term to support system and climate-positive companies. The world is at the early stages of an unprecedented energy transition which is essential to reach the goals of the Paris Agreement. This can be done in a way that is better for the environment and consumers. Octopus and its software platform Kraken are at the forefront of innovation and helping to create the dynamic and flexible renewable energy system needed. Generation is pleased to partner with Octopus Energy to help build that future.”