Octopus Energy’s chief executive Greg Jackson says his company is now in its “global expansion phase” with the acquisition of German green energy supplier 4hundred.
The deal, understood to be worth £15 million, will see the challenger firm migrate the 11,000 customers of the Munich-based start-up onto Octopus’ Kraken platform.
4hundred was established in 2017 to challenge Germany’s legacy suppliers.
Octopus, which recently acquired the customers of Co-op Energy, has made previous expansions into the international market – with a partnership with Korean solar manufacturer Hanwha Group to launch an Australian retail energy platform.
Speaking to Utility Week, Jackson said: “We are going to maintain the Munich office where they are based, invest in growth and migrate the business onto our platform Kraken.
“Germany is a very big market with the same issues as the UK from a customer perspective, with rampant tease and squeeze prices.”
Jackson said he could not discuss any further global expansion plans but added that there was scope for the future.
“We are now in our global expansion phase, there will be more to follow”, he added.
Meanwhile Ilona Ludewig and Andrew Mack, founders of 4hundred, said: “Using technology to deliver the best customer experience and continuously evolving our offer to really create value for the user is what we share with Octopus.
“With Octopus’ experience and Which? certified service we have a great partner to continue the success story in Germany.”
Mack was the former head of strategy at Octopus’ UK rival Ovo Energy which itself had a 55 per cent stake in the German firm.
Both Mack and Ludewig will remain at 4hundred.