Monday 9 September 2019

Octopus Energy expands into Germany with purchase of green supplier

Octopus Energy has expanded into Germany with the acquisition of green energy supplier 4hundred.

It will enter Europe’s largest energy market once the purchase of the majority share in the business becomes effective on 4th September 2019.

Set up in 2017, challenger firm 4hundred claims to be Germany’s first digitally focused energy provider and says it strives to provide a "fair and transparent" business model.

Its 11,000 customers and 26 employees will be absorbed by the UK supplier, which is currently focusing on bringing its business to international markets and developing smart technologies for the future.

Octopus Energy CEO Greg Jackson says: "Octopus Energy’s acquisition of 4hundred is an exciting step as we continue globalising our disruptive approach to energy.

"Our technology is helping drive the affordable green energy revolution in the UK and is now going to do the same in Australia and Germany with many more countries to follow. Having grown to $1.5 billion (£1.22bn) revenue since launching just over three years ago, Octopus is determined to drive clean energy globally and this is another important step."