Deal: Al Gore’s Firm Invests $600M In UK Green Energy Startup
Generation Investment Management, an investment firm co-founded by former US Vice President Al Gore, has made a big bet on a British green energy startup. It’s investing $600mn in Octopus Energy, a startup that supplies renewable energy to individual customers and businesses.
- Generation Investment has since its founding focused on sustainability investments, so its large investment in Octopus isn’t unexpected. The firm manages some $36bn in assets, making it one of the largest sustainability investment firms globally.
- In December, Octopus closed an investment round that valued it at $2bn. Less than a year later, that valuation has doubled, indicating hot investor interest in the startup.
- Going from scratch to a $4bn valuation in five years shows that Octopus’s business growth is very assuring, or at least to its investors. On its end, the company claims to have over 3 million customers and also claims to be Europe’s largest investor in solar energy.