Al Gore’s private investment firm has bought a stake in clean energy company Octopus Energy Group, which will be in the company’s portfolio.
Novatek, the investment vehicle of former Vice President Al Gore, purchased a 1.02 percent share in Octopus for a total of £483.5 million, according to a statement from Gore’s company founded by him in 2010.
“For more than 40 years the Octopus team has introduced innovative ways of working to support the climate challenge and helping to solve some of society’s greatest challenges,” Gore said in a statement.
Novatek becomes the latest joint venture between Gore and investment firm C21. Earlier in 2018, Gore partnered with C21 to launch Climate Reality Venture Fund, a $250 million fund that invests in companies working to find solutions to the global climate crisis.
Separately, C21 and Acciona sold a portfolio of French renewable energy projects to China Three Gorges for $2.34 billion in October.
Octopus provides renewable energy at scale, it said in a statement.
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