Octopus Energy creates Italian tentacle

Octopus Energy has entered the Italian energy sector with the acquisition of energy firm SATO Luce e Gas.

The new acquisition will be renamed Octopus Energy Italy and is targeting one million Italian energy accounts by 2025 (5 per cent of the market). The rapid expansion will be driven by an initial investment of €60m from Octopus Energy, coming soon after the $600m injection from Al Gore-backed Generation Investment Management that Octopus Energy Group received in October 2021.

SATO Luce e Gas is based in Ascoli Piceno, central Italy. In 2016, CEO Giorgio Tomassetti took the company on a growth journey with the objective focused on customer service through a multi-channel approach. Since then, SATO has become active in 11 Italian regions and grown to supply thousands of customers.

Octopus’s plan for Italy will follow a similar path to its business in the UK, combining both retail energy and renewable generation to unlock green electricity to consumers.

Greg Jackson, CEO of Octopus Energy, commented: “We have high ambitions for Italy, and we’ve found an amazing team to grow our business and lead the green energy revolution in Italy from the front. We know that the Octopus way works – our teams in the US and Germany have seen their customer bases grow by a factor of five and six respectively over the last year. We’re now taking our approach to Italy, and we can’t wait to see what we can achieve there.”

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