Octopus Energy Group supplies 100% renewable electricity and gas to homes and businesses in multiple countries, offering tariffs such as Agile that adjust with wholesale costs. It operates Kraken, an in-house platform that automates billing, customer service, and grid management using AI to balance supply and demand; Kraken is licensed to other suppliers and will be spun off as a separate company. The group differentiates itself through clear pricing, strong customer service, and a scalable energy-technology platform that supports retail, generation, grid flexibility, and EV services. Its goal is to decarbonize energy use globally by making renewables more accessible and by enabling smarter grids, better pricing, and services like EV leasing and demand-response programs.
Company Size
5,001-10,000
Company Stage
Growth Equity (Venture Capital)
Total Funding
$2.9B
Headquarters
London, United Kingdom
Founded
2016
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Greg Jackson has built Octopus Energy into Britain's largest energy provider, serving 12 million homes across eight countries, without traditional corporate structures. The company operates with no HR department, no bonuses outside sales roles, and no succession plan. Jackson runs the 13,000-person firm through weekly rhythms: Monday meetings reviewing performance data and Friday all-hands sessions recapping achievements. The company has no intranet or newsletters, forcing employees to attend Friday gatherings to stay informed. Octopus had revenues of £13.7 billion last year and achieved a $9 billion valuation at its last fundraising. Every employee receives equity, and Jackson maintains direct customer contact, having met roughly 1,000 customers at recent events. The CEO refuses to discuss succession planning with his board, believing it creates harmful politics. His instruction to directors: "If I go under a bus, you will have to have several meetings, and then everything will be fine.
UK energy technology companies have raised $16.4 billion across 901 funded businesses, according to Tracxn's Energy Tech UK Report. Investment is concentrating on fewer companies, with annual deal volume falling from 174 rounds in 2021 to 78 in 2025, whilst funding increased from $2.2 billion to $2.4 billion. Late-stage rounds dominated, accounting for $1.6 billion of 2025's $2.4 billion total. Octopus Energy's $850 million Series G alone exceeded the $624 million raised across the entire sector in 2026 year to date. Energy storage systems attracted $622 million over the past year, a thirteenfold increase year-on-year. Charging solutions secured $886 million and clean energy utilities raised $950 million. Seed rounds fell from 93 in 2021 to 37 in 2025, narrowing the pipeline of emerging companies.
Octopus Energy acquires Danish firm BD Energy to enhance its tech-driven power trading and grow renewable energy capacity across Europe.
Octopus Energy and China's CATL have announced a joint venture to build a battery-swapping network for electric trucks across Europe, but the plan faces significant industry scepticism. Analysts warn that resistance from manufacturers and compatibility challenges could derail the initiative. European truck makers including Volvo and Scania are expected to oppose what they view as Chinese encroachment into their market. Critics argue that existing charging infrastructure already functions adequately, making battery swapping unnecessary. The joint venture must overcome substantial hurdles, particularly ensuring the system works across different truck models. Industry observers question whether manufacturers will adopt standardised battery systems required for swapping to succeed, potentially limiting the network's viability across Europe's diverse commercial vehicle fleet.
Contemporary Amperex Technology Co Ltd (CATL), a Chinese firm blacklisted by the US Pentagon as a "Chinese military company", will install battery-swapping stations for electric lorries across Britain from next year. CATL has denied any military links. The company is partnering with Octopus Energy, the UK's largest energy supplier, through a joint venture called Swaptopus. They plan to build 30 battery hubs across Europe by 2035, capable of supporting 300,000 electric trucks. The stations allow drivers to replace depleted batteries in under five minutes. The move could trigger security scrutiny, following a previous case where Chinese wind turbine manufacturer Ming Yang was blocked from UK projects after US national security concerns. CATL already operates over 300 battery-swapping stations in China, where electric models comprise more than 30% of the heavy-truck market.