Generation Investment Management, a $36 billion fund management firm run by former Vice President Al Gore, has invested $600 million of additional capital for a 13 percent stake in Octopus Energy Group.
This brings the energy technology group’s valuation up to $4.6 billion, according to Octopus. The firm will use the proceeds of Generation’s investment to enhance its smart-grid capability and commitment to driving the green energy revolution around the world.
Managing more than £3 billion ($4 billion) of renewable generation, Octopus is one of the United Kingdom’s leading electricity generators, creating enough green energy to power about 1.5 million homes.
“Whilst the U.K. energy market is currently in a tough state, it has highlighted the need for investment in renewables and technologies to end our reliance on fossil fuels,” said Greg Jackson, founder and CEO of Octopus Energy.
“Three years ago, the management team of Octopus Energy met to