A member of Liechtenstein’s royal family is joining the ranks of supporters of Octopus Energy, the £7.2 billion utility that has become one of Britain’s most valuable companies.
Sky News has learned that Lightrock, chaired by Prince Max Von Liechtenstein but based in London, is taking an undisclosed stake in the UK’s second-largest domestic market. energy supplier.
Lightrock and Galvanize Climate Solutions, a San Francisco-based climate-focused investment firm, are reportedly purchasing shares of Octopus Energy from existing investors.
The size of its investment was unclear on Tuesday, although a source said the transaction would be announced publicly on Wednesday.
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The commitment from the two funds adds to the syndicate of prominent multinational investors who have become shareholders in one of Britain’s most important private companies.
In April, Octopus Energy consolidated that status as it came closer to achieving a rare “decacorn” valuation – referring to companies worth at least $10 billion – after two other financiers increased their stakes.
Generation Investment Management, which is chaired by former US vice-president Al Gore, and the Canada Pension Plan Investment Board (CPPIB) spent approximately £300 million buying shares from other investors.
The valuation was 15% higher than a fundraising just five months ago, which valued it at $7.8 billion (£6.2 billion).
A source said Lightrock and Galvanize’s stakes were being bought for the same amount.
The series of stock trades underscores Octopus Energy’s phenomenal growth under founder Greg Jackson.
Founded just nine years ago, the company’s scale was bolstered by the acquisition of Bulb Energy, which came into temporary government ownership in 2021.
More recently, it struck a deal to buy Shell’s UK home energy arm, which added hundreds of thousands of customers.
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Meanwhile, Octopus Energy’s technology outsourcing platform Kraken is worth billions of pounds after demonstrating strong growth fueled by customer demand.
Kraken now serves 54 million customer accounts, more than halfway to Octopus Energy’s goal of 100 million globally by 2027.
The secondary share sale, which will crystallize large windfalls for several selling shareholders, leaves CPPIB with a 12% stake and Generation Investment Management with 13%.
Octopus Energy declined to comment.
This story originally appeared on News.sky.com read the full story
