A little bit of British energy in Italy. Octopus Energy, the fifth largest operator in the sector in the United Kingdom, has acquired the Italian energy company Sato Luce e Gas.
Octopus Energy Italy, as the new reality will be called, aims at 1 million customers by 2025 (5% of the market). The expansion will be driven by an initial investment of 60 million euros, part of the $ 600 million injection from Al Gore Generation Investment Management that Octopus Energy Group received in October 2021. The investment is linked to the valuation of $ 4.6 billion that was given to Octopus Energy, a value not far from that of many energy giants that have been active on the market for some time, including the historic market leader British Gas.
Octopus’ plan for Italy will follow a similar path to its business in the United Kingdom, combining the proposal of energy to the end customer and the use of renewables to propose innovative tariffs that allow customers to benefit from cheaper and greener energy. .
Octopus Energy is the fastest growing energy provider in the UK, with 3.1 million customers since its launch just over five years ago. Its success is based on Kraken, the proprietary technology platform in the cloud, which in addition to guaranteeing operational efficiency is able to enable excellent customer management and the spread of renewable energy.
Sato Luce e Gas is an Italian energy supplier based in Ascoli Piceno, in Central Italy. In 2016, the new CEO Giorgio Tomassetti started the company on a path of growth; Sato is now active in 11 Italian regions.
So Greg Jackson, founder and CEO of Octopus Energy, comments: “The model proposed by Octopus works. Our teams in the US and Germany have seen their clientele grow five and seven times, respectively, in the past year. Now we want to focus on Italy and we can’t wait to see what results we can achieve in this market ”.