British retail energy firm Octopus Energy has launched its services in the German energy market, targeting one million customers in Germany by 2024.
The company’s decision to choose Germany as the first market for European expansion follows the acquisition of Munich-based energy startup 4hundred in September 2019.
The firm’s expansion in the German energy market was fuelled by an initial investment of €80 million (£71.1m) and promises to offer German customers more affordable green power for their homes and electric vehicles (EVs).
The development marks the latest step in Octopus international expansion, following recent launches in the US and Australia.
Andrew Mack, Chief Executive Officer of Octopus Energy Germany, said: “Despite the impressive achievements in greening its power generation, Germany now has the highest prices for electricity in Europe, which is why customers are still reluctant to adopt clean technologies such as electric cars or heat pumps.”