Octopus Energy nets Silicon Valley-based startup

The $5m deal will allow the company to introduce its cloud-based smart grid platform to US customers

Octopus Energy has announced the acquisition of Silicon Valley-based startup Evolve Energy.

The $5 million (£3.8m) deal will enable the energy company to enter the US market and introduce its cloud-based smart grid platform to US customers.

The platform is designed to give customers access to cheaper electricity when renewable energy is abundant.

The firm said it plans to inject $100 million (£77.8m) into the strategy for the expansion of its footprint to the US targeting 25 million US energy accounts on its technology platform by 2027.

Octopus Energy CEO and founder Greg Jackson said: “We knew that Evolve was a leading innovative energy firm that was doing great things with real-time energy, connected home devices, and renewables.

“We’re excited to be working with Evolve team to bring futuristic technology, green energy and excellent customer service to Texas.”

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast