Octopus Energy Group has announced its intention to acquire sister company Octopus Renewables in a move designed to shake up the global energy market and help drive a cheaper, faster energy transition through technology.
The energy technology, or entech, pioneer is the U.K.’s fastest growing energy supplier, having gained 2 million customers since launching to the market less than five years ago, making it the fifth-largest energy supplier in the United Kingdom. It recently hit a $2 billion valuation — or double unicorn status — following its second large-scale investment round in a single year. The business was the second-most funded U.K. tech company in 2020.
The deal takes the firm deeper into the energy space, adding £3.4 billion ($4.7 billion) worth of generation capacity from Octopus Renewables into its green energy asset management portfolio. This will make it one of the largest operators and investors in renewable energy in Europe. While Octopus Renewabl