Octopus Energy has announced an US$800 million (£630 million) fundraise, which it said will help to create 3,000 jobs in the UK next year.
Existing shareholders participated in the raise, which valued the eight year-old energy company at US$7.8 billion, Octopus said in a statement.
“We will invest to accelerate our growth and create a truly global clean energy giant,” founder Greg Jackson commented.
Such funds will be used to grow the company internationally and expand low carbon technologies, such as heat pumps, Octopus added, with the company having recently overtaken British Gas to become the UK’s largest energy supplier.
This follows the company's aquisition of Shell PLC (LSE:SHEL, NYSE:SHEL)'s retail business, which was completed earlier this month.
Some 3,000 jobs will be created in the UK “alone” next year, according to Octopus.
Octopus also said it aims “to play a major role in accelerating renewables” following the COP28 climate summit, where nations agreed to “transition away” from fossil fuels after deliberation over the phrasing of such a commitment.
Proposals had been made to agree to “phase out” fossil fuels, but petrostates such as Saudi Arabia had disputed the wording.
Jackson said it is now time “to drive real scale” though, following the summit, with the agreement marking the first global pact to move away from fossil fuels.
Origin Energy, Tokyo Gas, Canada Pension Plan Investment Board and Generation Investment Management were among firms to invest through the round, Octopus added.