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Octopus Energy Group secures $550 million investment

Reuters
Updated ·1-min read

LONDON (Reuters) - Britain's Octopus Energy Group has secured a total of $550 million of investment which will be used to improve its energy technology platform and expand renewables, the company said on Tuesday.

The group secured $325 million from existing shareholders from the close of a fundraising round and an additional $225 million from Canada Pension Plan Investment Board.

The company plans to use the money to further improve its energy technology platform, Kraken, and invest in products and solutions that can help drive renewable energy generation.

Octopus has 3 gigawatts of energy projects under management. Its domestic energy arm supplies 3.4 million customers.

(Reporting by Nina Chestney; Editing by Kirsten Donovan)