Liechtenstein royal joins ranks of Octopus Energy backers

Sky News

4 June 2024 at 0:20 pm·2-min read

A member of Liechtenstein’s royal family is joining the ranks of backers of Octopus Energy, the £7.2bn utility which has become one of Britain’s most valuable companies.

Sky News has learnt that Lightrock, which is chaired by Prince Max Von Liechtenstein but based in London, is acquiring an undisclosed stake in the UK's second-largest domestic energy supplier.

Lightrock and Galvanize Climate Solutions, a climate-focused investment firm based in San Francisco, are said to be buying shares in Octopus Energy from existing investors.

The size of their investments was unclear on Tuesday, although one insider said the transaction would be announced publicly on Wednesday.

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The two funds' commitment swells the syndicate of prominent multinational investors which have become shareholders in one of Britain's hottest private companies.

In April, Octopus Energy cemented that status when it edged closer to attaining a rare 'decacorn' valuation - referring to companies worth at least $10bn - after two other backers increased their holdings.

Generation Investment Management, which is chaired by the former US vice-president Al Gore, and the Canada Pension Plan Investment Board (CPPIB) spent approximately £300m buying shares from other investors.

The valuation was 15% higher than a fundraising just five months ago which saw it valued at $7.8bn (£6.2bn).

A source said the Lightrock and Galvanize stakes were being bought at the same valuation.

The series of share trades underlines the phenomenal growth of Octopus Energy under its founder Greg Jackson.

Established just nine years ago, the company has been bolstered in scale by the acquisition of Bulb Energy, which collapsed into temporary government ownership in 2021.

More recently, it struck a deal to buy Shell's household energy arm in the UK, which added hundreds of thousands of customers.

Meanwhile, Octopus Energy's technology outsourcing platform, Kraken, is said to be worth billions of pounds after demonstrating strong growth fuelled by customer demand.

Kraken now services 54 million customer accounts, more than halfway to Octopus Energy's target of 100 million globally by 2027.

The secondary share sale, which will crystallise big windfalls for a number of selling shareholders, leaves CPPIB with a 12% stake and Generation Investment Management with 13%

Octopus Energy declined to comment.

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