Australian business Origin Energy has acquired a 20% stake in Octopus Energy.
The partnership will bolster Octopus Energy’s retail footprint in Australia and allow it to increase investment in smart energy solutions such as its customer management platform Kraken.
The deal further strengthens the UK firm’s international market value, bringing it to more than £1 billion.
Octopus Energy is also planning to develop a Future Energy Research Centre to bring together academics, policy experts and data scientists to fast track transition to renewable energy generation.
Frank Calabria, CEO at Origin Energy, said: “We have been on a path to make energy easier and simpler for customers, to transform our retail business by putting customers at the heart and to accelerate the rollout of cleaner and smarter energy solutions.
“By partnering with Octopus and deploying its technology platform, we can fast-track our ambitions and achieve better outcomes for our customers, people and shareholders.”