Octopus Energy Group has signed a deal with Impello Limited to buy Shell Energy in the UK and Germany, taking on two million new home energy customers.
As part of the agreement, Shell and Octopus Energy have also signed a memorandum of understanding to explore a potential international partnership.
The companies are planning to bring solutions to its EV charging customers, including for Shell Recharge and Octopus Electroverse subscribers. Options will be explored for possible joint promotions, brand activations and other activities across the EV value chain.
This deal also grows challenger energy supplier Octopus to nearly 6.5 million household customers in the UK and its customer base in Germany will grow to almost 300,000. It is expected the deal will complete in the fourth quarter of 2023, following regulatory approval.
Octopus recently completed the transfer of 1.5 million Bulb customers in six months, and all Shell energy and broadband customers will be contacted about the next steps following regulatory approval, it said.
Octopus is headquartered in the UK and operates in 15 countries, with businesses in electric vehichles, energy retail, generation, and technology. It has received well over $1bn in investment from global firms, 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.”
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