Octopus Energy: the UK start-up outgrowing its roots

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below

🗞️ Driving the News: Octopus Energy is acquiring Shell's UK and German home energy business, making it the second-largest energy supplier in the UK with 6.5 million customers
• Octopus, founded in 2016, focuses on clean energy and innovative strategies and despite not turning a profit yet, it operates in 17 countries, generating wind power, leasing electric cars, and installing renewable energy solutions

🔭 The Context: Octopus Energy's acquisition of Shell's business challenges traditional energy suppliers in the UK
• The company, known for its tech start-up approach, has weathered challenges that led to the collapse of other competitors during the recent energy crisis

🌍 Why it Matters for the Planet: Octopus Energy's emphasis on clean energy aligns with global efforts for sustainable practices, its disruptive approach has gained support from investors, including Generation Investment Management chaired by former US Vice President Al Gore

⏭️ What’s Next: Octopus Energy plans to continue focusing on growth and building a global business in electrification, with aims to expand its Kraken customer service platform and optimize electricity supply from renewable sources

💬 One Quote: “We’re going to be investing in growth for a long time to come. It’s a choice for us when we choose to deliver a profit” (Greg Jackson, Founder and CEO of Octopus Energy)

📈 One Stat: Octopus Energy reported revenues of £4.2 billion last year, operating in multiple countries and diversifying its business beyond traditional energy supply

Click for more news covering the latest on sustainable business