Galvanize Climate Solutions and Lightrock have invested in renewable energy company Octopus Energy.

These investments have reportedly resulted in the company’s valuation rising to approximately £7.2 billion, representing a 15% increase.

Octopus Energy, which was founded in just 2015, is the second-largest domestic energy supplier in the UK. Octopus Group backing brought about the company to begin with. Other subsidiaries of Octopus Group include Octopus Investments, Octopus Real Estate and Octopus Legacy.

The Lightrock investment in Octopus Energy marks royal investment in the company with Lightrock being chaired by Prince Max Von Liechtenstein, a member of the Liechtenstein royal family.

These investments come at a time when renewable energy projects are increasing throughout the UK. This is happening alongside existing challenges such as controversy surrounding solar farms and the need for heat pump costs to come down.

Octopus Energy also saw investment from the Canada Pension Plan Investment Board and Generation Investment Management earlier this year. The business is now expanding in Europe and North America.

Octopus Energy founder and CEO Greg Jackson expressed his delight at the latest investments, praising the prior success of the investors in question. This hints at the company’s hopes to further develop in the future with a growing number of customers.

Octopus Energy currently serves 6.8 million households in the UK. In autumn 2022, Octopus Energy acquired Bulb Energy, which, at the time, added 1.5 million to the business’ customer base.