Registered office: UK House, 5th floor, 164-182 Oxford Street, London, W1D 1NN. There are bright pink octopus toys dotted around the half-full offices, and crisps and sweets on a communal table. [32] In September of that year, Octopus acquired Evolve Energy, a US Silicon Valley-based start-up, in a $5m deal. [1] Its demoralising that we cant keep bills lower in the short term when we need it most, but we have done a tremendous amount up to now.. [52], Also in November 2021, Octopus Energy Group signed a deal with Elia Group at COP26 to build a "smart" green grid across Belgium and Germany. Greg Jackson is the founder and CEO of Octopus Energy Group, which currently has over 3.1 million UK customers. Despite the current crisis of price and supply in the gas market, its described by BP as resilient and by Centrica as more affordable than other energy sources. [68][69], In November 2021 Octopus financed 'Grace of the Sun', a large-scale art piece by Robert Montgomery made using the Little Sun solar lamps designed by Olafur Eliasson and Frederik Ottesen. Fellow green energy group Bulb went bust last November and remains in special administration. Octopus and Tokyo Gas agreed to launch the Octopus brand in Japan via a 30:70 joint venture to provide electricity from renewable sources, amongst other services. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Octopus took on 600,000 customers from bust Avro Energy last year, and Jackson accuses the administrators of arguing and quibbling over completely unimportant technical points. [12], Besides the Octopus Energy brand, as of September2021[update] customers are supplied under the Ebico Energy, Affect Energy, Co-op Energy, M&S Energy and London Power brands. Her work focused on making essential services sustainable, high quality and affordable. Located in Slough, the centre will train 1000 heat pump engineers per year and develop new heating systems. He says it took years to find the 10m he needed to launch Octopus. We need to learn from the pandemic, Jackson says. As of September 2021 the company has over three million domestic and business customers, making it the fourth largest energy supplier in the UK.[2]. [43], In its early years the company did not generate gas or electricity, instead making purchases on the wholesale markets. [49], In January 2021, Octopus acquired two 73 metre (240') wind turbines to power their 'Fan Club' tariff, which offers households living near its turbines cheaper electricity prices when the wind is blowing strongly. Octopuss youthful workforce is poring over energy consumption charts and enthusing about that bespoke tech, called Kraken, which will now be licensed to other utility companies. [28], In October 2022, Octopus reached an agreement to acquire Bulb Energy's 1.5 million customers. For those that don't know Octopus Energy, they are UK's fastest growing green energy retailer and are currently valued at $2 billion. The first nail in the coffin should have been climate change, then it should have been the fact that renewables are now cheaper than fossil fuels. consumer organisation. One department looks after Electric Juice, a service that lets customers add car-charging payments to their electricity bill. Greg Jackson and his gyms have won five World MMA Awards altogether. [66] The campaign artwork was exhibited at over 5,000 sites, making it the largest ever digital out-of-home (DOOH) art exhibition. He also holds an MBA from Yale University and is an independent non-executive director of the Thames Estuary Growth Board, where he co-chairs the hydrogen committee, and a Member of the Yale University Alumni Association Board of Governors. Energy companies are going to end up more like technology companies, like AirBnB, Amazon, Google and Monzo says Greg. KrakenFlexs cloud-based technology platform controls distributed energy assets such as large-scale batteries, EVs, or heat pumps with machine learning and AI to match electricity supply and demand, helping the electricity grid deal with the natural volatility of renewable generation. His morning routine echoes the tycoons underprivileged childhood. Octopus are on a mission to bring cheaper, greener power to all. They will be global.. By expanding to so many other countries and really capitalising on the technology we create, we are able to have an edge on the competition. Octopus Energy is one of the fastest growing energy firms to ever launch in Britain and is on track to join the Big Six utility providers. Until recently, he was also a non-executive Director for Zopa, the global pioneer of online peer to peer lending that is now Moneysupernarkets largest non-high street lender and is growing rapidly. What we have to do now is a million times more complicated., The result of this simplified central planning could be seen the previous week, when electricity prices were colossally high, we were having to use lots of back-up supplies [and] we were literally paying wind generators in Scotland to turn off, because there werent enough cables connecting Scotland, where the electricity was being generated, to England, where we needed it., The solution, he says, is for the energy grid to become more like the internet. Our customer service metrics actually improved during the pandemic, and we were the only large domestic energy supplier in the UK still answering calls as usual. Rebecca holds a Bachelor's degree from Nottingham University Business School. As a result, he was suspended from school for instigating fights on more than one occasion. I think Im too opinionated. Were nothing like Bulb.. [29], In September 2019 Octopus acquired German start-up 4hundred for 15m; the acquisition of 4hundred, which had 11,000 customers, was Octopus' first overseas expansion. Jacksons career has been far from typical for the energy business. Following his CTO role at Tangent plc, James & the other founders thought up Kraken, a technology platform that would rival all others in the energy market. KrakenFlex is currently contracted to manage over 1,600 MW of power with further 2 GWs of renewable generation to come online through 2022. 464 views May 4, 2022 Greg Jackson is the founder and chief executive of Octopus Energy, one of the UK's fastest-growing energy companies. Could Octopus become another Bulb? What is the secret behind the growth and success of Octopus Energy? Jackson said that Octopus would be monitoring GB News content to ensure the channel would not be in breach of Octopus' advertising policy. The boss of Octopus Energy has a small tub, which pleases him as it is efficient and fills quickly. Last month Octopus pledged 50m to cut customer bills until Octobers price cap rise, part of a longer-term package worth 150m. Greg: If I could change anything I would have trusted myself more, as I could have started Octopus Energy five years earlier than I did! Interview with Entrepreneur - Greg Jackson - CEO of Octopus Energy. Launched in 2016, the companys mission is to bring cheaper, greener power to all. She loves supporting kind, high performing teams and individuals who want to positively change the world. Now his mission is to turn Britain on to renewables, despite the efforts of a small noisy group, including Nigel Farage, attacking net zero goals. We want a similar effort to the vaccine rollout, says Jackson, sweeping bags of Frazzles aside. [23], In March 2021 the Financial Times listed Octopus at number 23 on their list of the fastest growing companies in Europe. These are things we should do everything to avoid., He believes the energy crisis has underscored the need for Britain to move away from oil and gas. Fiona studied Engineering, Economics and Management at Oxford, and initially worked at BMW on a hydrogen fuel cell for an auxiliary power unit, as part of a hydrogen car that used a combustion engine. What would you say are the most important traits business leaders should possess to be successful? It was at that point she founded Octopus Electric Vehicles, and since then has been building a team of experts passionate about helping consumers and businesses make that transition to electric vehicles. [59] It was first licensed by UK rival Good Energy in late 2019, for an initial three-year term, to manage its 300,000 customers. He now runs Octopus, the green energy supplier founded in. The New Statesmans weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Everyone wants to talk about the transition fuel maybe a 20 per cent hydrogen mix in our gas supplies, that kind of thing Even if the hydrogen was zero-carbon which, by the way, the creation of hydrogen so far in the UK at scale is definitely not it would only reduce the carbon emissions of gas by 6-8 per cent because of the lower energy density, [and] it would put bills up dramatically, because hydrogen is a lot more expensive. With the pandemic, we took the 15 years it usually takes to make a vaccine, and did it in less than a year. Octopus Energy is currently value at $2 billion, how did this evaluation come about? Greg: Weve been rapidly growing and in December closed our second financing round with Tokyo Gas and Origin Energy in 2020, which increased our valuation to more than $2 billion. On February 5, 2013, Jackson signed with Bellator to coach on the promotion's reality series titled Fight Master: Bellator MMA.[10]. With its smart tariffs proving customer appetite for flexibility, Octopus is pioneering a global system change to enable a cheaper, faster transition to renewables. [53], In January 2022, it was announced that Octopus Renewables had bought the Broons/Biterne-Sud wind farm in Cotes dArmor, northeast Brittany, France from Energiequelle for an undisclosed price. [7] The same year, Octopus replaced SSE as the energy supplier for M&S Energy, a brand of Marks & Spencer,[8] and bought Affect Energy, which had 22,000 customers. The Kent areas where house prices rose the most in 2022. James is an e-commerce specialist who was the brains behind a number of high profile tech platforms for clients such as the UK Labour Party, Citroen and Hermes, among others. Profit? What would you say is the most important trait of a successful entrepreneurs? Jon played a key role in establishing leading Australian challengers Simply Energy (now part of Engie) and Alinta East Coast retail holding a number of senior roles across operations, customer experience and market development. The customer accounts will be migrated onto Kraken from 2023, increasing the number of energy accounts contracted to be served via Kraken to over 20million worldwide. The boss has now stated that it has "never . [42], As part of their partnership agreed in August 2019, Midcounties Co-operative and Octopus established a joint venture to develop the UK's community energy market and encourage small-scale electricity generation. Theyve been characterised as inexperienced and foolhardy for not hedging their energy far enough in advance. Upstream reported that Jackson joined Greenpeace at the age of 16, and his expertise was in mirror manufacturing, coffee shops and software before launching Octopus Energy in 2015. Deepak holds an MBA in Marketing, Strategy and Information Systems from the Indian Institute of Management and a B Tech in Chemical Engineering from the Indian Institute of Technology. [6] Later in 2018, Octopus gained the 100,000 customers of Iresa Limited, under Ofgem's "supplier of last resort" process, after Iresa ceased trading. Octopus Energy has a multi faceted business model, generating value from different revenue streams. Building on the award winning end-to-end entech platform, Kraken Utilities will create customer centricity and automated, scalable and efficient operations for other traditionally low-tech sectors, allowing innovation at pace. 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