London-based Octopus Energy, an Entech company, has announced its expansion in Germany with an aim to disrupt the market, deliver contract freedom and innovative tariffs for customers.
Expansion in the German market
The new business will be named Octopus Energy Germany. It is targeting 1 million customers by 2024. Besides, the business is also committed to fueling this rapid expansion with an initial investment of €80M in the market.
Speaking on the development, Andrew Mack, CEO of Octopus Energy Germany, says, “Germany took an early lead in the green energy transition, serving as a role model to many other countries around the world. But despite the impressive achievements in greening its power generation, Germany now has the highest prices for electricity in Europe – which is why customers are still reluctant to adopt clean technologies such as electric cars or heat pumps.”
He further adds, “Our tech-enabled tariffs will give German households, and EV owners access to cheaper greener power, supporting the government in its efforts to supercharge the uptake of EVs and reach its 2030 climate goals.”
In September 2019, the company strategically acquired a Munich-based energy startup 4hundred and entered the German market. The move comes as a part of Octopus’s international expansion, following recent launches in the US and operations in Australia.
Octopus Energy CEO and founder Greg Jackson says, “We’re ready for our big launch, and I’m delighted that our German team, which already includes 30 brilliant minds, will lead our push into the market. Our office will be based in Germany’s tech hub Munich, close to leading companies in the automotive industry. That’s fantastic because like in the UK, we will soon introduce innovative electricity tariffs for new forms of energy consumption – and bespoke tariffs for EV drivers are right at the top of our list.”
About Octopus Energy Group
Launched in 2016 by Greg Jackson, James Eddison, and Stuart Jackson, Octopus Energy Group (OEG) aims of using technology to make the green energy revolution affordable and in the process, transform customer experiences.
The company’s domestic energy arm serves about 1.7 million customers with cheaper greener power. These include; Octopus Energy for Business (over 20,000 customers with proprietary energy offerings); Octopus Electric Vehicles (for clean, cheaper, and easy transport); and, Octopus Energy Services (for smart household products).
OEG’s proprietary cloud-based Kraken Technologies
All the above-mentioned services are made possible by Octopus Energy Group’s tech arm – Kraken Technologies. Kraken offers a proprietary, in-house platform based on advanced data and machine learning capabilities. Kraken automates much of the energy supply chain to allow outstanding service and efficiency to a decentralised, decarbonised energy system.
The scalable platform claims to provide operational efficiency and outstanding service quality as it is designed to drive the smart grid; giving customers access to cheaper electricity when more renewable energy is available.
According to the company, this technology has been licensed to support over 17 million accounts worldwide, through deals with Good Energy, E.ON Energy, Origin Energy, and 4hundred.
In April 2020, Octopus Energy Group became a UK tech unicorn, valued at well over £1B (approx €1.15B) following an investment from leading Australian energy company Origin Energy that acquired a 20% stake for more than €330M. The company is currently operational in Germany, Australia, and the US.
Image credit: Octopus Energy