Simply Blue Group welcomes a new financial support of €25 million from funds managed by the production arm of Octopus Energy.
Fundraising
Simply Blue Group, in addition to the €25 million from Octopus Energy, indicates that other investors are raising an additional €2.5 million. Thus, the total investment amounts to €27.5 million. The investment will support floating offshore wind projects and blue economy projects.
The Cork-based company is developing projects in floating offshore wind, e-fuels and wave energy. The company is also developing projects in aquaculture and has a pipeline of over 10GW of floating offshore wind projects. Sam Roch-Perks, CEO of Simply Blue Group, states:
“We welcome Octopus Energy Generation’s reinvestment, which demonstrates the company’s support for Simply Blue Group and the renewable energy sector. With our strong global project pipeline, this investment will allow us to further develop our pipeline and move forward with a range of international projects outside of floating offshore wind.”
An innovative market
This is Octopus’ second round of financing in the company. Indeed, Octopus Energy announced an investment of €15 million in August 2021. This investment is made on behalf of the Octopus Renewables Infrastructure Trust (ORIT). He also acts for the Sky fund (ORI SCSp).
Chris Gaydon, Director of Investments at Octopus Energy Generation, states:
“The floating offshore wind sector will undoubtedly play a vital role in the clean energy system of the future. Just over a year after our initial investment in Simply Blue, their development pipeline of floating offshore wind projects has grown significantly. With costs coming down, technology improving, and investments growing, this area is going from strength to strength. We are at the forefront of this innovative and fast-growing market, working with SBG to accelerate its growth and expand its development pipeline.”
Octopus manages over 3GW of renewable energy assets. The company manages wind and solar farms worth £5 billion covering 11 countries.
