Octopus Energy’s rapid ascent as a leading player in renewable energy has positioned it as a global force in the energy sector, with CEO Giorgio Tomassetti detailing the company’s growth, strategy, and vision for a sustainable energy future in an exclusive interview.
A Startup with a Bold Mission
Founded in 2016 in the United Kingdom, Octopus Energy set out to reshape a traditionally inefficient and outdated energy market. Today, Octopus Energy is a powerhouse in the global energy industry, supplying renewable energy to more than 8 million customers across 18 countries. Its operations span a massive £7 billion portfolio of renewable energy projects, one of Europe’s largest, aimed at supporting a transition to a sustainable energy system. The company’s influence extends to Italy, where its customer base recently surpassed 200,000—a number that doubled within just four months.
Strategic Growth Through Technology
In discussing Octopus Energy’s success, Tomassetti highlights the company’s approach to technology as a central driver. Unlike traditional energy firms, Octopus Energy developed its proprietary platform, Kraken, which powers its customer service and operational efficiency. The Kraken platform, now licensed to major energy players such as EDF, E.ON, and Origin Energy, supports 54 million accounts worldwide. According to Tomassetti, Kraken’s role is vital: “We understood that to be more than just a new green energy company, we needed to be a tech company. Kraken allows us to operate efficiently, serve customers exceptionally well, and scale globally.”
This technology-focused approach has proven highly effective. In Italy, Octopus Energy has achieved the top spot on Trustpilot, with customers citing exceptional service and quick resolution of inquiries. By utilizing Kraken, Octopus Energy aligns customer satisfaction with business objectives, streamlining processes to respond quickly and effectively.
Recognition and Expansion Goals
Octopus Energy’s efforts have garnered significant accolades. The company was included in Forbes’ 2023 “Top 100 Companies in Responsibility” and won the 2024 “Product of the Year” award for its Octopus Fissa 12M tariff. Octopus also recently reached a valuation of $9 billion, a milestone that reflects its success and ambitions. As Tomassetti explains, Octopus Energy aims to replicate its U.K. achievements in other key markets, particularly in Europe. “France, Spain, Germany, and Italy, along with countries like the United States and Japan, are key focus areas,” he says.
To support this expansion, Octopus Energy plans to introduce products that facilitate decarbonization, such as solar panels, batteries, and heat pumps. These offerings represent Octopus’s holistic approach to energy, not only as a supplier but also as an enabler of green technology adoption. According to Tomassetti, the company is also working to support local energy grids with innovative management techniques that improve pricing and access.
Octopus Energy’s Growth in Italy
Since its Italian entry in August 2023 with just 25,000 customers, Octopus Energy has grown exponentially, surpassing the 200,000-customer mark. Tomassetti is optimistic about future growth, with an ambitious target of 300,000 customers by the end of 2024 and a goal of reaching one million by the following year. As part of this growth strategy, the company plans to introduce smart tariffs tailored to Italian consumers, which will launch by year-end.
The Role of Policy in Energy Transition
Tomassetti’s views on energy transition reflect his belief in grassroots involvement. Rather than a top-down approach that mandates compliance without adequate support, he advocates for solutions that make sustainable choices accessible to consumers. “If green energy becomes more affordable, consumers will naturally gravitate towards it,” he notes. Octopus Energy’s involvement in energy communities, where local residents pool resources for renewable energy projects, exemplifies this approach. For Tomassetti, the transition is successful only when the right infrastructure and incentives are in place for both consumers and energy providers.
Octopus Electroverse: Leading Europe’s EV Charging Market
Octopus Electroverse, the company’s electric vehicle (EV) charging platform, has become Europe’s largest EV charging network, with nearly 850,000 charging points. The platform, designed to offer a seamless experience through a single app and card, represents Octopus’s dedication to user-friendly, scalable solutions. In Italy alone, the service has expanded to over 45,000 charging points, making EV adoption more convenient and accessible.
Kraken: A Platform Powering the Energy Industry
One of Octopus’s crown jewels is the Kraken platform, which serves as a comprehensive operational tool for energy companies. By integrating advanced AI and offering support for smart tariffs, Kraken enhances service quality while reducing operational costs. For licensees like EDF and E.ON, Kraken has resulted in improved customer satisfaction scores and streamlined operations, all within a single, cost-effective platform. “Kraken is a continuous investment for the future, constantly improving with the latest tech developments,” Tomassetti emphasizes.
Through Kraken, Octopus Energy is not only reshaping its own operations but also setting a standard across the industry. As Tomassetti explains, the platform is “an all-in-one solution that gives energy companies the ability to meet customer needs within a unified system, ultimately creating a competitive advantage.”
Octopus Energy’s Commitment to a Sustainable Future
The company’s commitment to sustainable energy aligns with the European Union’s climate goals. Octopus Energy is optimistic about contributing to the EU’s 2050 climate neutrality target, underscored in the recent “Draghi Report,” which advocates for a balanced approach that combines renewable technology innovation with financial incentives.
As Octopus Energy looks to the future, Tomassetti’s leadership is centered on a vision of accessible, sustainable energy that empowers consumers and drives global change. “Our approach is about making the energy transition achievable and affordable for all,” he concludes. “We’re building a global movement towards a cleaner, greener world.”
This article is originally published on .italia-informa.com
