Octopus Energy chief executive Greg Jackson has confirmed talks are underway with foreign investors over the challenger brand’s global expansion but insisted there is plenty of scope for growth under its existing backer.
Speaking to Utility Week at the firm’s Soho offices, Jackson revealed that the company is approached regularly by potential international investors, but stressed that its expansion into up to five more countries is possible with the continued support of Octopus Group. In addition to the company’s international expansion, Jackson added that there is also the capacity to expand the UK business up to 5 million customers, from its current position of just over one million.
Jackson recently appointed KPMG to advise on different growth models, including the potential for international investment.
He said: “Octopus Group manages £9 billion of investment – the funds we need for growth are readily available. In fact, Octopus has increased its commitment and has a massive appetite to keep doing so. That’s really exciting.
“What does happen though is we’re continually approached. Every week I’m approached by companies and investors from around the world to see if we’re interested in talking to them.
“Not only that, when we are expanding around the world we are talking to large companies both in energy and outside in various markets.
“And for a lot of that, they do talk about collaboration in the widest sense. It’s a question about whether we partner with them for expansion, including taking investment from them.”
He added: “We appointed KPMG to help us think it through – do we carry on as we are, funded entirely through Octopus? That has got an incredible attraction, by the way. Or, as part of our international expansion, would we benefit from those international investors and their market knowledge?”
However, he stressed: “We can expand to sort of another four to five countries and grow the UK business to five million customers funded by Octopus if we want.”
Last year Octopus announced it had acquired German green energy supplier 4hundred in a deal understood to be worth £15 million.
A move into the Australian market has also been made, with a partnership with Korean solar manufacturer Hanwha Group.
This an excerpt from a profile of Greg Jackson available to members soon.