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Bloomberg
Octopus Energy, the UK green power provider, bought US startup Evolve Energy as part of a $100 million push into the American market.
The company hopes to attract millions of customers as it gets a foothold in the Texas market. It’s the latest step in Octopus’s plan to expand globally, driving down consumer prices with low-cost renewable power.
Evolve Energy is a tiny player in the US, with fewer than 1,000 customers, Octopus’s CEO Greg Jackson said in an interview. But by acquiring the company for $5 million, Octopus has a way into its first American market in Texas. From there, the
Octopus plans to expand to more states over the coming years.
“Texas is an entry point to the US,†Jackson said. “It’s the one that lets us deploy a retail model that looks very much like the one that’s been successful in the UK.â€
Octopus Energy launched in the UK in 2016 and is majority owned by the London investment group Octopus Capital Ltd. The company has gained about 1.7 million
customers, successfully taking customer share from
traditional utilities with cheaper, more flexible prices and offering clean energy.
Beyond its own customers, Octopus contracts with other companies to use the
platform.