Australian power giant Origin’s stake in Britain’s Octopus Energy has gained hundreds of millions of dollars in value after the fast-growing UK company secured new backing.
Australian power giant Origin Energy’s stake in Britain’s Octopus Energy has gained hundreds of millions of dollars in value after the fast-growing UK electricity sector disruptor secured new backing from superannuation funds, including Australia’s Aware Super.
It comes as the London-based startup continues its rapid ascent in the eight years since it was founded. The stunning rise of Octopus and Kraken in such a short period and its growth outlook contributed to questions among some Origin Energy investors about whether last year’s $20 billion takeover bid for Origin by North America’s Brookfield and EIG had undervalued the Australian company. Origin ultimately voted down the proposal.
“We are pleased to see a similar confidence from both existing and new investors, with their investment and profile providing for Octopus’ growth ambitions in key markets,” Calabria said. “We continue to believe Origin’s investment in Octopus will be an important driver of future growth.”
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