UK Octopus Energy announces first US foray with startup acquisition
UK renewable energy supplier Octopus Energy today said it has acquired Silicon Valley-based startup Evolve Energy in a USD-5-million (EUR 4.3m) deal as the first step of its expansion into the US.
Evolve Energy, founded in 2018, uses AI and machine learning to optimise energy usage. Octopus' own cloud-based energy technology platform Kraken provides customers with access to cheaper power when renewable energy is abundant.
In the US, Octopus will be based in Texas and plans to have 25 million energy accounts on Kraken in the country by 2027. In order to achieve this target, the company will invest USD 100 million.
In 2019, Octopus, which is backed by financial services and energy firm Octopus Group, expanded into Australia and Germany. It intends to have 100 million accounts around the world by 2027.