Octopus Energy Group has signed a deal with Impello, a subsidiary of Shell, to buy Shell Energy in the UK and Germany, taking on two million home energy and broadband customers.

The deal grows Octopus to hold nearly 6.5 million household customers in the UK and a customer base in Germany will grow to almost 300,000.

The deal is expected to complete in the fourth quarter of 2023 following regulatory approval and follows the completed the transfer of 1.5 million Bulb customers.

Greg Jackson, CEO of Octopus Energy Group, commented: “Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany. Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system. Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too.”

As part of the agreement, Shell and Octopus Energy have also signed a memorandum of understanding to explore a potential international partnership. The companies are planning to bring the best possible experience to their EV charging customers, including for Shell Recharge and Octopus Electroverse subscribers. Options will be explored for possible joint promotions, brand activations and other activities across the EV value chain.

Share Story: