British electricity platform Octopus Energy is testing the waters in the German market with a planned EUR 80 million expansion to Europe’s largest economy.
The company promises to save consumers money on green energy by using software capable of factoring in variable prices for renewable electricity over the course of the day. The IT system is named, appropriately, Kraken.
Octopus Energy founder and CEO Greg Jackson told business newspaper Handelsblatt that the company aimed to attract one million customers in Germany by 2040. He added that although the firm’s goals were ambitious, it had reached them without exception in other markets in which it operates, including the US, Australia and New Zealand.
Founded in 2016, Octopus says it currently has 1.8 million customers and does 2.2 billion euros in annual turnover worldwide. In Britain, it already worked together with a subsidiary of German energy giant Eon, which used the Kraken system. Now those two companies will be, in Jackson’s words “friendly competitors.”