Wind energy giant Vattenfall has entered the UK domestic energy market by buying independent energy supplier, iSupply Energy.
Commenting on the acquisition, Vattenfall chief executive Magnus Hall said it reflected the strategic importance with which the firm views the UK.
“We are in Britain to grow,” he said, “and our acquisition of iSupplyEnergy strengthens our energy business in northern Europe.”
Originally a specialist in wind power, Vattenfall has recently diversified to compete in the solar PV and battery storage market as well as business to business energy retail in Northern Europe.
Vattenfall’s senior vice president for customers and solutions, Martijn Hagens, said: “We have a strong and growing customer focused company with more than eight million power, gas and heat customers in northern Europe.
“We are convinced our acquisition of iSupplyEnergy will be good for our new customers, as we will combine our experience and increasingly smart and fossil-fuel free energy solutions with Isupply Energy’s strong, nimble, digitalised and transparent customer service.”
iSupply serves around 120,000 electricity and gas customers in the UK and employs around 170 staff.
It will continue to function as a wholly owned subsidiary of Vattenfall.
Rob Gildert, chief executive of iSupply Energy, said the firm was “delighted” to come under the wing of the energy giant.
“We are very happy with the cultural fit and desire to deliver a fair deal for the customer and a high quality customer experience.
“This acquisition is a vote of confidence in the strength of our business and excellent news for both our many thousands of customers and our dedicated team of staff based in Bournemouth.”
Gildert reassured that customers will experience no change in their day-to-day services or account management.
He concluded: “The backing and expertise of Vattenfall will allow the company to deliver climate smarter energy, market leading customer service and great products to customers to help them manage their energy better.”