UK energy provider Octopus Energy expands into Italy
Octopus Energy has acquired retailer SATO Luce e Gas and has entered the Italian energy market. Octopus Energy Italy will target a million Italian energy accounts – or roughly 5% of the market – by 2025, using an initial investment of €60 million (£50.6 million) from Octopus Energy to expand its operations. Greg Jackson, CEO and founder of Octopus Energy has said: “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.”
SATO Luce e Gas was set up in 2003 in Ascoli Piceno, and has since grown to operate in 11 Italian regions and to have thousands of supply customers.