In 2018, when Octopus Vitality was a fraction of the dimensions it’s at present (however rising quick), our small 12-person management workforce spent a weekend away to plan for the long run.
One night, we sat down collectively and watched An Inconvenient Sequel: the follow-up to former US Vice President Al Gore’s landmark local weather change documentary, An Inconvenient Fact. The viewing modified the whole lot for our workforce – refocusing our efforts on a mission far broader than simply bringing reasonably priced and honest energy to the UK: to speed up the world’s transition to a 100% inexperienced power system. And since then, we’ve by no means wavered from our pressing objective.
Because of this I’m so utterly over the moon to share Octopus Vitality’s main partnership with Technology Funding Administration, a $36 billion sustainable funding fund, based and chaired by world local weather vanguard Al Gore himself.
Technology’s sole objective is backing sustainable companies to drive transformative change – they usually’re persevering with that work by boosting our world mission with an funding of $600 million over the subsequent few years.
It’s one of many largest investments within the fund’s historical past; an enormous, large vote of confidence that I don’t take with no consideration. We are able to’t wait to make Mr Gore and the remainder of Technology’s workforce proud.
How did we get right here?
Octopus Vitality launched simply over 5 years in the past, and since then, the enterprise has quickly expanded – we now energy over 3 million British houses, and we’ve taken our mission world: working in 13 international locations on 4 continents, together with Germany, USA, Japan and Spain. Our inexperienced power platform, Kraken, not solely permits an excellent buyer expertise and cleaner, smarter power for our UK prospects, however for the 25 million power accounts license to us it around the globe.
Our multi-million pound centres for Internet Zero and the Decarbonisation of Warmth drive cutting-edge inexperienced analysis; and thru Octopus Vitality Technology, we’re Europe’s largest investor in photo voltaic power, managing $4.5bn of renewable power belongings throughout the continent, and that’s solely the start.
This complete whole-system method to decarbonisation has caught the eye of a number of the most spectacular companies and buyers in power throughout the globe, and after a number of rounds of funding, we’ve turn out to be a double, triple, after which now quadruple unicorn – with Technology’s funding which means a valuation of $4.6bn.
Technology’s funding will drive essential transformation, additional and quicker
With the UK power market in turmoil – corporations going out of enterprise, folks out of labor, and family payments as excessive as they’ve ever been – the necessity for funding in renewables and applied sciences to finish our reliance on fossil fuels has by no means been clearer.
However funding isn’t the achievement in itself: it’s the gas that can energy our efforts to drive a less expensive, greener, fairer power transition. We don’t have a second to lose.
Along with Technology, we’ll work to forge deep connections between renewable era and provide, to ensure inexperienced, versatile, better-balanced sensible grids all around the world.
We’ll additionally be capable to pump cash into analysis that leverages storage and encourages sensible power utilization to assist us take advantage of our clear, inexperienced electrons, even when the solar isn’t shining and the wind isn’t blowing. We’ll even be going additional than ever earlier than to deliver the advantages of more and more inexperienced electrical energy to much less accessible sectors, like heating and transport.
Our partnership is the results of a number of months’ work and now years-old conversations. It’ll see Technology take a stake of as much as roughly 13% in our enterprise as a part of their Lengthy-term Fairness technique.
Octopus Vitality has an awfully good match with Technology’s mission of investing over the long run to assist system and climate-positive corporations. The world is on the early levels of an unprecedented power transition which is crucial to succeed in the targets of the Paris Settlement. This may be executed in a approach that’s higher for the surroundings and customers [and] Technology is happy to companion with Octopus Vitality to assist construct that future.
Tom Hodges, Associate in Technology
I’m so grateful to each single member of our workforce who’ve labored tirelessly to get us right here, to each buyer who’s chosen us and helped make this attainable, and naturally to Technology for sharing in our imaginative and prescient. We’ll proceed to do the whole lot in our energy to make it a actuality.
