Octopus Energy, London, United Kingdom: Octopus Energy - Driving the Green Revolution Globally

Written answers to the questions

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History Octopus Energy launched in 2016 to bring simpler, fairer, and cheaper green energy to the world. To achieve this vision, we built Kraken, our globally-applicable end-to-end entech platform, which leverages efficiencies from advanced data and machine learning capabilities to convert into a world-class model at 50% lower running cost than rivals.  Today we’ve expanded from 0 to 3.2m customers with operations now spanning 14 countries including Germany, Australia, New Zealand, Japan, USA, Spain, France, Italy, and India. Octopus Energy is also a leading investor in solar and wind energy, managing a £3.4bn portfolio of renewable energy assets across Europe.

Past Performance FYE19-20 By April 2020, we’d reached 1.45m UK customers (up 123%), [REDACTED FOR PUBLICATION], 595 employees (up 95%), expanding from London across the UK, acquiring 4Hundred (Germany) and becoming the ONLY UK energy provider to be recommended by Which? for 4 years running (now 5!). Kraken’s demonstrable commercial success soon attracted a stream of global partners, even competitors, all wanting to emulate our success via licensing.  Launching Kraken Technologies in 2019, we partnered with Good Energy, Australia’s Hanwha and Origin Energy to help them become leaner and greener for their customers.

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Results & Impact since FYE20 Our stellar journey continues, empowered by our technology and business model. Results include:

• 113% growth in customers, becoming TOP 5 UK energy provider (3.2m households)

• $5bn valuation: rivalling Centrica, the owner of British Gas

• Expanding global licensing partnerships: including E.ON, TokyoGas and EDF.

• 25m contracted accounts supported by Kraken, on track for 100m by 2027

• From 300 to 3000+ employees in three years 

• Expanding operations in 14 countries and five continents 

Supporting Energy Industry Partners. Case Study

“In 2020, we partnered with Kraken to achieve the most successful migration in the history of energy” Michael Lewis, CEO, E.ON UK.

To do this we:

• Deployed Kraken’s ‘Utility as a Service’ model, creating a new company, future-proof technology platform, new operating model, with fully-trained employees and a cultural framework

• Flawlessly migrated 2.9m nPower customers from six disjointed platforms to just one 

• Transformed Trustpilot scores from Poor (nPower) to Excellent (EON Next)

• Enabled launch of green tariffs: Next Drive+ and Next Climate+ 

• Supported self-reported £100m earnings turnaround year-on-year in 11 months and during a global pandemic.

Demonstrating outstanding customer happiness and employee engagement, feedback examples include: 

• “I was moved by npower to E.ON Next. This is the best company by far that I’ve dealt with for utilities. Customer Service is exceptional, replying to my emails within the hour. All the staff I’ve dealt with have been efficient, helpful and friendly” ~ Customer

• “My journey with E.ON Next has been life-changing” ~ Employee

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We’ve achieved continuous stratospheric growth by delighting millions of happy and loyal customers in ALL market conditions. Unlike the suppliers that have collapsed, we’ve demonstrated a future-proof model which tackles climate change, lowers energy prices, and empowers people and businesses to choose where they buy their energy, all at speed and scale.

Ensuring green energy is cheap Thanks to data-driven efficiencies we’ve lowered our cost base to 50% less than rivals, which we convert into great long-term customer savings and rewards. Designed to drive the smart grid, Kraken gives customers access to cheaper electricity when more renewable energy is available,  via time-of-use tariffs such as Agile Octopus. Meanwhile, we’ve innovated to make heat pumps at a comparable cost to install and run as dirty gas boilers, driving the low-cost heat pump revolution.

Expanding globally through acquisition For example, further to acquiring 4Hundred, we launched Octopus Energy Germany in November 2020, helping lower prices and supercharge the uptake of Electric Vehicles and Heat pumps, with 1m customers targeted by 2024 (now 120,000).

Supporting other energy providers - even our competitors Rather than keep our technology in house, we’ve shared it via licensing. For example, in the UK, we’re supporting Good Energy to realise their growth ambitions to help 1m customers and businesses cut carbon from their energy and transport use by2025, We’re also supporting French giant EDF’s continued growth, helping them adapt quickly to rapid changes happening in the energy industry and accelerating their actions to tackle climate change.

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Our supporting evidence provides examples of testimonials, images,  published reports, data, press coverage, and links to our website, all demonstrating our claims.

• Most Awarded Energy Provider

Accolades include FT1000 Fastest growing Companies ranking for 2021 and 2022, ‘Best Large Company for Work For’ 2022 and 5 x Which Recommended Provider

• Fast track growth journey 

In 2020, we became the UK’s fastest-growing company, securing the biggest investment rounds for any impact startup ($577m), further raising $900m in 2021/2. In 2021 and 2020 we ranked in FT1000: Europe’s Fastest Growing Companies listings and reached $5bn evaluation, rivalling owner of British Gas, Centrica.

• Positive force for change

Under the inspirational leadership of our CEO and founder Greg Jackson, we’ve proved how technology can be the enabler to fight climate change, lower energy costs and support national security, as we navigate everyone through unprecedented times. Testimonials illustrate our impact in supporting a better greener future for ALL.

• Kraken

Our globally-applicable end-to-end entech platform empowers growing agile teams to deliver outstanding CX and cleaner, smarter energy for our UK customers and for the 25m energy accounts licensed to use it around the world from a cost base 50% lower than rivals.

• Taking green energy global through licensing

Kraken is helping competitors and global partners accelerate the world to net zero. See testimonials from Good Energy, Hanwha, TokyoGas and EDF, impact reports from Origin Energy, and our phenomenal success story for EON  in achieving “ the most successful migration in the history of energy”