Octopus to buy Shell Energy

Octopus Energy has announced it will buy Shell’s household energy business in the UK and Germany.

Octopus has signed a deal with Impello, a subsidiary of Shell Petroleum Company to buy Shell Energy, taking on two million new home energy and broadband customers.

This deal grows challenger energy supplier Octopus to nearly 6.5 million household customers in the UK (over 11 million meter points).

The move comes after a competitive process run by Shell and includes 1.4 million household energy customers (2.5 million meter points) and 500,000 broadband customers.

Octopus is headquartered in the UK and operates in 15 countries, with significant businesses in energy retail, generation, technology and electric vehicles. It has received well over $1bn in investment from global giants, including investment funds, pension funds and large energy companies.

Greg Jackson, CEO and founder of Octopus Energy Group, said “Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany. Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system. Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too.”