Texas Retail Electric Provider Acquired By U.K. Energy Supplier

September 29, 2020

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Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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U.K retail energy supplier Octopus Energy, which describes itself as a tech unicorn, announced the acquisition of Texas retail electric provider Evolve Energy

"The $5 million deal is the pivotal element in Octopus’s $100 million investment in the US market and its latest international step, following moves into Australia and Germany last year," Octopus said

Starting in Texas, Octopus Energy US, as the new business will be known, is targeting 25 million US energy accounts on its technology platform by 2027. They will make up a quarter of the business’s global target of 100 million energy accounts in the same time frame.

Evolve Energy, whose creation had been exclusively first reported by EnergyChoiceMatters.com, had launched service in Texas last year, with an app to provide access to wholesale electricity prices, "and optimize energy use for residents across the state." Its subscription service costs $10 plus per month the wholesale cost of energy

"Evolve Energy is a Houston and Silicon Valley-based energy startup that uses AI and machine learning to optimise energy usage, providing customers with the best energy prices for renewable power. Launched in 2018 by tech entrepreneur Michael Lee to challenge the country’s legacy suppliers, it has been backed by Matt Rogers, the cofounder of Nest, through his fund Incite. MINI-backed startup accelerator URBAN-X selected Evolve Energy for its 20-week program last year and Texas-based Capital Factory was an investor through Evolve’s first-place finish in the 2019 EarthX startup competition," Octopus said

Octopus, which offers renewable energy, said that it is the UK’s fastest growing private company, having gained 1.7 million customers since launching four years ago.

"In April 2020, Octopus became the country’s latest tech 'unicorn', valued at close to $2 billion after Australia’s leading energy company Origin Energy acquired a 20 percent stake for nearly $400 million," Octopus said

"At the heart of Octopus’s success is Kraken, its proprietary cloud-based energy technology (EnTech) platform. The scalable platform provides industry leading operational efficiency and outstanding service quality. But most importantly, Kraken is designed to drive the smart grid, giving customers access to cheaper electricity when renewable energy is abundant. The new partnership with Evolve Energy will enable the company to bring this innovation to the US, speeding up the country’s transition to a cheaper, greener energy system," Octopus said

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