Home Business Octopus Energy (Al Gore) lands in Italy and aims for one million customers

Octopus Energy (Al Gore) lands in Italy and aims for one million customers

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MILANO – Octopus Energy, pioneer of the energy tech sector in the United Kingdom, arrives in Italy. In fact, the group announced the acquisition of the energy company Sato Luce e Gas “with the aim of bringing cheaper green energy to customers throughout the country and revolutionizing the energy market in Italy”, explains a statement.

Octopus Energy Italy, as the new reality will be called, aims at one million customers by 2025 and the expansion “will be driven by an initial investment of 60 million euros, part of the injection of 600 million dollars coming from Al Gore Generation Investment Management (today 13% shareholder, ed) that Octopus Energy Group received in October 2021 “. The investment of the fund chaired by Al Gore therefore evaluates 4.6 billion dollars the entire Octopus Energy, a value not far from that of many energy giants active on the market for some time, including the British leader Centrica (which controls British Gas).

Octopus’ plan for Italy will follow a similar path to its UK business, a statement explains, combining both the energy proposal to the final customer that the use of renewables to propose innovative tariffs that allow customers to benefit from cheaper and greener energy. Octopus Energy is the UK’s fastest growing energy supplier, with 3.1 million customers since its launch just over five years ago. Its success is based on Kraken, the proprietary cloud technology platform which, in addition to guaranteeing maximum operational efficiency, is also able to promote excellent customer management and a widespread use of renewable energy thanks to intelligent tariffs.

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The target company, Sato Luce e Gas is an Italian energy supplier based in ad Ascoli Piceno. In 2016, the new CEO Giorgio Tomassetti started the company on a path of growth, also through the use of a multi-channel approach. Sato is active in 11 Italian regions and supplies thousands of customers.

Greg Jackson, CEO and founder of Octopus Energy, commented: “We have great ambitions for Italy and have found an extraordinary team that will grow our business and will be at the forefront of leading the green energy revolution in Italy. We know that the model proposed by Octopus works: our teams in the United States and in Germany they have seen their clientele grow five and seven times respectively in the last year. Now we want to focus on Italy and we can’t wait to see what results we can achieve in this market “.

According to Giorgio Tomassetti, CEO of Sato Luce e Gas, “Octopus Energy represents a fantastic business model with an almost obsessive attention to the customer, made possible also thanks to the innovative technology available”.

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