The UK energy disruptor has upped its valuation by 15pc, in a transaction that brought in Aware and raised the value of Origin’s stake beyond $2 billion.
| Origin Energy’s stake in British disruptor Octopus Energy has jumped in value by $US280 million in just six months, after the retail energy and tech play completed a share sale that boosted its valuation by 15 per cent to $US9 billion.
Octopus chief executive Greg Jackson said the latest equity injection was funding expansion into new markets in Europe, North America and elsewhere, and also the British rollout of services such as electric vehicle charging, heat pumps and batteries.“It is building a very strong balance sheet,” he said. “There’s a queue of investors wanting to join the cap table. Some just weren’t able to move faster for the last round, so we’re just squeezing them in.
that it was difficult for private equity to find large investments that offered good risk-adjusted returns and supported the energy transition. The centrepiece of Octopus’s business is its AI-enabled tech platform, Kraken, which it uses in its own retail business and also licenses to competitors, and now also to other utilities such as water and telco firms.
This allows the supplier to build a “virtual grid” of electricity stored in its customers’ cars and homes. In Britain, Octopus’s virtual grid is already at 1 gigawatt; Origin’s is 1.3 gigawatts.“We completely see electrification dominating distributed energy, playing an increasing role in managing supply and demand in real time. We have exactly the same belief,” he said.
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