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Entech pioneer, Octopus Energy, launches in Germany

Entech pioneer, Octopus Energy, launches in Germany

EnergyGermanyGreen TechnologyTop Stories

Entech pioneer, Octopus Energy, has launched in Germany on a mission to disrupt the market and deliver contract freedom and innovative tariffs for customers.

Octopus Energy Germany, as the new business will be named, is targeting one million customers by 2024 and committed to fuel this rapid expansion with an initial investment of €80 million in the market.

 Octopus Energy first entered the market with the acquisition of Munich-based energy startup, 4hundred, in September 2019. After a year in which 4hundred was integrated into the Octopus family, Octopus Energy Germany is now ready to start its roll-out.

The move marks the latest step in Octopus’s international expansion, following recent launches in the US and operations in Australia. The renewable energy supplier is the UK’s fastest growing private company, having gained 1.7 million customers since launching four years ago. In April 2020, it became the UK’s latest tech unicorn, valued at €1.5 billion after Australia’s leading energy company, Origin Energy, acquired a 20% stake for more than €330 million.

At the heart of Octopus’s success is Kraken, its proprietary cloud-based energy technology platform. The scalable platform provides industry leading operational efficiency and outstanding service quality. Above all, Kraken is designed to drive the smart grid, giving customers access to cheaper electricity when more renewable energy is available. Octopus is now bringing this innovation to Germany, speeding up the country’s transition to a greener, cheaper and fairer energy system.

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