Irish power supplier ESB has acquired a more than 75 per cent stake in disruptor brand So Energy, bringing the two companies together.
The new entity will retain So Energy’s branding and will add ESB’s 80,000 domestic customers in Great Britain to the former’s portfolio, increasing So Energy’s customer base by 35 per cent to 310,000.
ESB, a vertically-integrated utility for the island of Ireland, entered the GB market in 2018. Prior to this, it has been operating as an independent generator in the UK for almost 30 years and has made investments in a number of windfarms.
So Energy meanwhile was formed in 2015 by childhood friends Simon Oscroft and Charlie Davies. The company has consistently performed well in the quarterly Citizens Advice star ratings which monitor customer service levels within the retail market.
Oscroft and Davies will retain their stakes in the business and continue in the executive team while chairman of two years Henrik Olsén will depart the company. Monica Collings, the managing director of ESB Energy and former joint chief executive of Vattenfall’s retail business, will take up the position of chief executive of the combined business.
Collings said: “Building on our track record of investing more than £2 billion in UK green energy infrastructure over the past three decades, this latest acquisition will enhance our customer offering and growth opportunities in the UK energy supply market.
“It’s our ambition to build on the success So Energy has achieved in a very competitive market, but one we are confident has excellent potential for our business.
“We welcome the So Energy team to ESB and look forward to building a strong and reliable brand, offering a suite of net zero focused customer propositions in the years ahead.”
Oscroft said: “This new, supercharged So Energy now has the backing and resources to become the next big green energy supplier in the UK.
“We wanted a partner that shared our values and vision to scale our business in a sustainable way, and develop more industry leading net zero solutions for our customers.
“ESB’s resources, strong heritage and significant UK green energy investments – including their EV charging infrastructure and wind generation portfolio – will enable us to do this.
“I would also like to wholeheartedly thank our shareholders who have helped us on the So Energy journey so far.”