Al Gore fund to work with UK electricity suppliers in Octopus

Electronic changes in the UK

Vice President of the U.S. Al Gore Investment Fund agreed to agree to take a share of up to 13% in the British utility company Octopus as part of a deal that values ​​the introduction of $ 4.6bn.

Generation Investment Management, which was founded in 2004 along with former Goldman Sachs Asset Management CEO David Blood, has begun investing $ 300m in London’s Octopus, with another $ 300m following June next year, among others.

The Australian Energy Agency, which took a 20% stake in Octopus in May 2020, will also provide another $ 55m to a UK company to maintain its share capital.

Since its inception in 2016 to address what was once the Big Six power group in Britain, Octopus has grown rapidly and is now sending more than 3.1m households, making it one of the largest companies in the market with customer numbers. Its installation is now in opposition to that of the market leader Centrica, the owner of Britain Gas.

The currency, which has been in production for several months, comes as the UK oil market faces a sharp rise in oil prices that has forced several retailers to close. Octopus Sunday agreed to attract 580,000 customers of Avro Energy, the largest retailer that has not made progress.

Technical research company, which is part of the Octopus Group started in 2000 as a fund management The business, made up of three young graduates, has also launched a software program that gives licenses to electronic companies around the world including Origin, Hanwa Corporation of South Korea and Eon UK.

Earlier this year found his sister’s company, The Octopus Renewables, which oversaw solar projects, sea breezes and pound residues, makes it a major power generator in the British market.

However, Octopus remains a money maker. On April 30, 2020, the last accounts available, spent about £ 47m on a $ 1.2bn payroll even though it was down at the time “to continue selling money at rapid growth”.

Tom Hodges of Generation Investment Management said Octopus was “well-qualified” with his company’s goal of making “long-term investments to benefit companies and companies with climate change”.

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“Octopus and its Kraken program are at the forefront of technology and help to develop electronic energy systems that can be easily deployed,” added Hodges.

Octopus said it would use Generation’s findings to improve its investment in technologies that could help reduce the UK’s dependence on oil, such as heat pumps, and digital technology.

Greg Jackson, Octopus’ chief executive and founder, said that although Britain’s electricity market was currently “complex”, the existing crisis “highlighted the need to invest in renewable energy technologies to end our dependence on oil”.

Octopus last year reaffirmed a partnership with the Japanese Tokyo Gas. Following the partnership with Generation, Octopus Capital will have a share of 44%, Source Energy will keep 20% and Tokyo Gas will have 8%.

The 6% value of Jackson’s at Octopus is approximately $ 276m according to a contract with Generation, with the rest of the staff remaining.

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