By William Mathis
“Texas is an entry point to the U.S.,” Jackson said. “It’s the one that lets us deploy a retail model that looks very much like the one that’s been successful in the U.K.”
Octopus Energy launched in the U.K. in 2016 and is majority owned by the London investment group Octopus Capital Ltd. The company has gained about 1.7 million customers, successfully taking customer share from traditional utilities with cheaper, more flexible prices and offering clean energy.
Octopus follows another U.K. power provider Bulb Energy Ltd., which announced last year that its own renewable power brand would start in Texas.
Key to Octopus’s growth is a cloud-computing platform known as Kraken that helps automate processes such as customer service, trading power on the wholesale market and forecasting power consumption.
Beyond its own customers, Octopus contracts with other companies to use the platform. Jackson said he’s already in discussion with “large U.S. utilities,” to license Kraken in the future. He estimates those deals will bring Octopus another 20 million customers within four years.