Octopus Energy has moved into the US energy market with the acquisition of Silicon Valley-based Evolve Energy.

The $5m deal is a small but significant part of the company’s $100m investment in the US and follows moves into the Australian and German markets last year.

Octopus Energy US, as the new business will be known, is targeting 25 million US energy accounts on its technology platform by 2027. They will make up a quarter of the business’s global target of 100 million energy accounts in the same time frame.

Evolve Energy is a Houston and Silicon Valley-based energy startup that uses AI and machine learning to optimise energy usage, providing customers with the best energy prices for renewable power. Launched in 2018 by Michael Lee, it has been backed by Matt Rogers, the co-founder of Nest, through his fund Incite.

In April 2020, Octopus became the country’s latest tech ‘unicorn’, valued at close to $2bn after Australia’s leading energy company Origin Energy acquired a 20 per cent stake.

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