May 10, 2021   SOURCE: BusinessWire

Octopus Energy U.S. Inks Deal to Acquire Brilliant Energy

Renewable energy retailer Octopus Energy US today announced that it has signed an agreement to acquire the residential customer book of retail energy provider Brilliant Energy LLC, adding to the EnTech company’s existing base of Texas customers. The $2.23 million deal will see Octopus Energy take ownership and responsibility for the management and supply of energy to the approximately 9,000 residential customers currently supplied by Brilliant Energy.

This news follows Octopus Energy’s entry into the U.S., starting in Texas, late last year and builds on the company’s goals to invest $100 million into the U.S. energy market and target 25 million U.S. energy accounts by 2027.

Under the agreement, Brilliant Energy’s customers will be brought under Octopus Energy’s proprietary technology platform Kraken and will experience the same or lower prices as a result of the transaction. All will receive the same award-winning service as Octopus’s existing customers across the globe.

Brilliant Energy was built on the grounds of providing electricity to customers through a simple and transparent process. Championing a cheaper, greener and more enjoyable energy experience, Octopus Energy will continue to provide Brilliant Energy’s customers with premier customer service, while unlocking the power of wholesale energy to accelerate the clean energy transition.

Michael Lee, CEO of Octopus Energy US, said: “Brilliant Energy is a company that has always stood for quality and unique brand experiences. It complements our strong dedication to bringing unparalleled customer experience to our users. This is a major moment for us, as we work to bring our 100% renewable energy supply and outstanding technology to more Texans and their homes.”

Octopus Energy is one of the most awarded energy companies in the United Kingdom, where the company was founded five years ago, for its customer service. In fact, Octopus Energy was recently awarded the 2020 Retail Energy Provider of the Year. With a customer-first model, the company gained eight accolades for outstanding service in 2020 alone and Octopus Energy is the only energy supplier to ever gain the Which? Recommended award four years in a row. Founded by technology entrepreneurs, Octopus Energy has a different starting point to other suppliers, aiming to redefine what is possible for consumers and the energy system by using technology and data to deliver the best products and experiences.

About Octopus Energy

Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying 2 million customers globally with 100% green electricity at a cheaper price and with a focus on outstanding customer service. Founded in the U.K. five years ago, Octopus Energy entered the U.S. market in 2020, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at over $2 billion and is the U.K.’s fastest-growing private company. To learn more, visit: www.octopusenergy.com

About Brilliant Energy

Brilliant Energy is a Houston-based retail electricity provider on a mission to provide simple electricity to everyone in Texas. Brilliant Energy has served Texas commercial and residential customers since just after deregulation was implemented.