Octopus Energy valuation tops £7bn - report

7th May 2024 08:05

(Sharecast News) - Octopus Energy has been valued at more than £7bn, it was reported on Tuesday, after two investors upped their stakes in the UK supplier.

According to Sky News, citing unnamed City sources, Generation Investment Management - chaired by former US vice president Al Gore - and the Canada Pension Plan Investment Board have spent around £300m buying shares from other investors.

The share trades valued the energy supplier at £7.2bn, Sky noted, up from a £6.2bn valuation at the end of 2023.

Octopus has expanded rapidly since it was founded in 2015, including buying Bulb Energy out of temporary government ownership three years ago.

The group, which has 7.7m customers worldwide, around 6.8m of which are in the UK, also struck a deal with Shell last autumn to buy its household energy arm in the UK. The deal made Octopus the second-biggest supplier in the UK after Centrica-owned British Gas.

Last year Octopus saw group revenues triple to £4bn, while full-year profits came in at £203m.

Octopus declined to comment on the Sky article.