Octopus Energy has announced it has secured a fresh investment of $600 million (£437m) by a former US president-founded firm.
The company which supplies around 3.1 million customers in the UK will get this sum from Al Gore-co founded Generation Investment Management.
The agreement will see Generation take a stake of up to approximately 13% in Octopus Energy.
Octopus is expected to use the proceeds of the investment to support its energy technology and renewable generation plans.
The investment will increase the entech group’s valuation to up to $4.6 billion (£3.3bn), Octopus Energy said.
Octopus Energy Founder and Chief Executive Officer Greg Jackson said: “Whilst the UK energy market is currently in a tough state, it’s highlighted the need for investment in renewables and technologies to end our reliance on fossil fuels.”
Speaking for Generation Investment Management, Tom Hodges, Partner in the Long-term Equity strategy, said: “Octopus Energy has an extraordinarily good fit with Generation’s mission of investing over the long term to support system and climate-positive companies.”