Octopus has raised 600 600 million from the Al-Gore Investment Fund

Octopus Energy, which has been taking customers from failed suppliers, has received up to $ 600 million (8 438 million) from the investment fund set up by former US Vice President Al Gore.

Generation Investment Management (GMM), a $ 36 billion fund for sustainable business and climate change, will share up to 13% of the $ 4.6 billion deal with OctoP.

Price tag: Renewable energy specialist Octopus, launched in 2016, may be worth more on paper than British gas company Senrica at the time of the investment.

A.D. Gore, an environmentalist and former presidential candidate who founded the 2004 generation, broke the news this afternoon through a call to Octopus staff.

Octopus uses its cash to build on its rapid growth based on the success of the green energy platform Kraken, which effectively manages energy use.

The platform is used to manage 17m energy accounts worldwide, including octopus customers, as well as competing suppliers such as npower, E.ON and Good Energy.

Kraken served 2.5 m octopus customers last week, but agreed to take on rival Aquro Energy by Octope 600,000 over the weekend, raising its customer base to 3.1 meters.

At the beginning of August, Aviro was one of seven small suppliers that left the energy market during the crisis, shifting 1.9 million customers from failed companies due to OGG, the energy regulator. The year.

Octopus said the new money raised from GMM will help boost the business in two segments with $ 300 million.

Greg Jackson, co-founder and CEO of Octopus Energy, said the company’s employees were inspired by Dr. The An Invenivenient Sequel, a film about climate change entitled “An Inversvenient Truth”.

It is understood that Jackson and Gore had a private discussion in 2004 about the sale of a San Francisco-based GMM shares with Goreman Sachs, the head of property management, in collaboration with David Blood.

The deal includes an initial $ 300m investment and an additional $ 300 million by October 2022 if Octopus meets certain unforeseen circumstances.

An estimated $ 4.6 billion is expected to be provided by Tokyo Energy and the original company, Australian Energy, if GOM continues with the second round of funding.

Octopus announced on Monday that Origin has also invested an additional $ 55 million in addition to generating new funds.

Octopus is one of several companies that have become “end-to-end suppliers” to competing customers in recent weeks. AvL Energy announced on Monday that it will take 255,000 customers out of the market with Avro.

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In recent weeks, suppliers have been alarmed by rising prices for gas and electricity.

The global gas demand, which has run out of gas storage facilities since the summer, has been exacerbated by post-lock energy demand across Asia.

Half of the UK’s electricity comes from gas-fired power plants, a series of nuclear power shortages, and the recent closure of a major power line from France.

England has had a very mild summer since 1961, which means low winds. Experts fear that as the temperature drops, things will get worse.

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