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Octopus Energy announces partnership with Origin Energy

7 May 2020

Today, Octopus Energy Accelerates Global Expansion With Major Strategic Partnership with Origin Energy.

Octopus Energy, the UK energy technology group announces a major strategic partnership with Australia’s leading energy company, Origin Energy. The agreement will see Origin acquire a 20% stake in the company and license Octopus Energy’s technology platform, Kraken, to accelerate the transformation of its Australian retail business, deliver an improved customer experience and to provide cleaner and smarter energy solutions. Origin will also provide a three year company guarantee to support the working capital for Octopus Energy’s UK and international energy business.  

Octopus Energy will deploy the investment to open and expand in more markets, invest in deeper technology development, and to establish a Future Energy Research Centre, bringing together academics, policy experts and data scientists to drive research and modelling to make the global renewable energy transition faster and cheaper. 

Speaking for Octopus Group, Founder and CEO, Simon Rogerson said:

“We’ve backed hundreds of outstanding businesses over the last 20 years, and none has greater opportunity to deliver transformation and value at scale than Octopus Energy. Its technology, team and dedication to customers make it a potential world-beater and we’re delighted to welcome Origin to join us in backing it on the next stage of its rocketship trajectory.” 

Speaking for Octopus Energy, Founder and CEO, Greg Jackson said:

“We’re thrilled to be able to accelerate our global expansion to make the green energy transition cheaper and faster. It’s a testament to our team and our technology that in just four years we’ve created a business which has the world beating a path to our door and can face the future with such excitement. We’ve known Origin for a long time, and it has the most forward-thinking management of any market-leading energy company we’ve met. We’re looking forward to working with Origin to use technology to reduce energy costs, increase renewables and improve customer service in the UK, Australia, Germany and now many more countries too.” 

Speaking for Origin Energy, CEO Frank Calabria, said:

“…By partnering with Octopus and deploying its technology platform, we can fast-track our ambitions and achieve better outcomes for our customers, people and shareholders. We’re also pleased to be investing in a company with an operating model and technology platform that genuinely sets it apart globally, and we see exciting opportunities for our businesses to collaborate, share expertise and continue to grow and prosper in the fast changing world of energy.”  

Octopus Energy remains majority owned by Octopus Group, the AUD$16bn global investor in energy, technology and growth businesses. Octopus is the UK’s largest investor in solar energy, already has established offices in Melbourne and Sydney focusing on renewable energy and has recently announced is currently building Australia’s largest solar farm.