Octopus Energy, the UK energy retailer, announced this Monday it has secured an agreement to acquire Brilliant Energy; a retail energy provider, after it declared bankrupt in March. This will add to Octopus’ EnTech base of Texas customers. Deal has a $2,23 million value.
Firstly, after the acquisition, Octopus Energy will take ownership and responsibility for the management and supply to Brilliant Energy’s customers.
Secondly, the news also expands on Octopus Energy’s market in the United States. In fact, the company just entered into the U.S. in late 2020. The acquisition also builds on the company’s goal to invest $100 million into the U.S. market by 2027.
Thirdly, after the acquisition, all the customers from Brilliant Energy will add to Octopus’ technology platform called Kraken. Therefore, they will experience the same or lower prices as a result of the transaction.
Moreover, all of them will also receive the same award-winning service as Octopus’s existing customers across the globe. Furthermore, the new company will also provide the cheaper, greener and customer service that Brilliant Energy provided for its customers.
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Octopus Energy expanding its U.S. footprint for clean energy delivery
Indeed, Brilliant Energy was built on the grounds of providing electricity to customers through a simple and transparent process; after the transaction, the new company will provide green power for the wholesale energy market to accelerate the clean energy transition.
On the other hand, the acquiring company, Octopus Energy, is one of the most awarded energy companies in the United Kingdom. In fact, the company was recently awarded the 2020 Retail Energy Provider of the Year.
On the other hand, Michael Lee, CEO of Octopus Energy US, said about the agreement. “Brilliant Energy is a company that has always stood for quality; and also, unique brand experiences. It complements our strong dedication to bringing unparalleled customer experience to our users.”
He also remarked. “This is a major moment for us, as we work to bring our 100% renewable energy supply and outstanding technology to more Texans and their homes.”
Finally, Octopus Energy directly supplies with 100% green electricity to more than 2 million users globally. It has 5 years of experience in the U.K.; and it is the fastest growing private company there.