Octopus Energy expands into Germany with purchase of green supplier

10/09/2019 10:22 Energy

news

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.”

Source: energylivenews.com

Daily (27.05.2020): Energy prices recovered on Tuesday on strong optimism for a recovery in demand

27/05/2020 14:29:00

Oil prices continued the bullish evolution due to a possible extension of current oil production cuts beyond June after OPEC+ countries will meet at the beginning of next month.

<READ MORE

Uniper signs contract for planned German LNG terminal

27/05/2020 09:28:00

German power producer Uniper has signed a contract to build and charter an LNG terminal vessel for a planned project in Wilhelmshaven with Japanese partner Mitsui OSK Lines (MOL), it said on Tuesday.

READ MORE

Yamal-Europe pipeline gas flows dive

27/05/2020 09:23:00

Deliveries along the Yamal-Europe pipeline dropped sharply on 24-25 May and were nominated even lower today, likely driven by weaker European demand for Russian gas.

READ MORE