Octopus Energy has today announced it has acquired Spanish green energy startup Umeme.
With this acquisition, the British company aims to enter the Spanish energy market, providing renewable electricity tariffs among other services.
Launched in 2019 by four energy entrepreneurs, Umeme currently serves almost 5,000 domestic and business customers across the country.
Octopus Energy Spain will initially target a million Spanish energy accounts by 2027, powered by its technology platform Kraken.
Octopus Energy has committed to investing up to £60 million to fuel its Spanish expansion.
Greg Jackson, Chief Executive Officer and Founder of Octopus Energy, said: “We’ve been hugely impressed by Umeme’s entrepreneurial spirit and tech-led approach, which is very rare in the energy sector.
“Our targets for Spain may be high, but I have no doubt that we will see a similar growth trajectory in Spain as we did in our other locations.”