Former Vice President Al Gore has invested $ 600 million in a UK investment management vehicle with the UK’s start-up Octope Energy Group, with an estimated 13% stake in the business. The investment means that Octopus has reached $ 4.6 billion.
Octopus has made a name for itself in energy circles, primarily thanks to the Craken technology platform, which is able to regenerate energy from renewable sources around a more efficient network than its competitors. Octopus now manages 17 million energy accounts in 12 countries.
Generation is a $ 36 billion fund management business that supports sustainable businesses. Octopus will use Generation Strategic Investment revenues to further push the toe to the U.S. market in Texas.
The generational investment follows a fair investment by Upside Energy, which specializes in Origen Energy, Tokyo Gas and modern grid technology. Octopus retail businesses currently have licenses in the UK, USA, Germany, Spain and New Zealand with Good Energy, Hanuwaha Corporation, Original Energy, Energy and E.ON.
Octopus, formerly known as the Electric Juice Roaming Network, allows users of 100,000 charging points across Europe to pay for their personal ecopos energy bills. He also collaborated with Tesla to launch Tesla power in England and Germany.
Greg Jackson, co-founder and CEO of Octopus Energy, said: Therefore, we are pleased to announce our agreement with Generation Investment Management to support sustainable companies that will change the world for the better.
“Twice a week we do 300 stress tests. For us, as a technology company, it is just an algorithm. For competing companies, they do it on spreadsheets. ”
Tom Oods, a long-term equity strategist, told Generation Investment Management: The world is in the early stages of the extraordinary transition, which is crucial to achieving the goals of the Paris Agreement. This can be done better for the environment and users. ”
In an interview with Zom, Jackson told me that there are two parts to the current global energy crisis: “One is the mass energy crisis. World gas prices shook or quadrupled last year. Not only does that make the gas more expensive, but it also increases the cost of electricity because a lot of electricity comes from gas. I think this really shows how long companies have been selling and buying short. So now the folding companies are big, but after selling a one-year contract, they bought only six months’ worth of labor.
“It’s always 100% fenced,” he said. For us, energy retail is just one business. And we have 13 businesses in the group. What we have always wanted to do is to serve the highest good and the most truly risk-averse end. Twice a week, we conduct 300 stress tests on our fence. For us, as a technology company, it is just an algorithm. For competing companies, they don’t do that or do it on spreadsheets and it just doesn’t work.
The fact is that this crisis is a total fossil fuel crisis. And we would not be in this situation if we used renewable energy as a primary source and then gas as a backup.
Octopus is the operator and operator of wind, solar and biomass renewable energy sources, with ቢሊዮን 3.5 billion in natural resources and projected to grow 10x over the next 10 years.
The birth pact includes a $ 300 million rapid investment under a number of additional financial terms, followed by $ 300 million by June 2022.
Octopus has set up a central London-based research center Central Net Zero to fight climate change and 10 10 million to R&D and training center for decommissioning.