Octopus Energy has acquired the Italian energy firm SATO Luce e Gas, as part of its quest to take charge of the Italian market.
It has set a target to have one million energy accounts in the Mediterranean country by 2025 and will now be renamed Octopus Energy Italy for its operations there, following its acquisition of SATO.
The renewable energy group is investing an initial €60 million (£50.5m) in its Italian venture, following a $600 million (£449m) injection it received last month from the Al Gore-backed Generation Investment Management.
It is looking to provide its Italian customer base with more readily available green energy and electricity at cheaper rates.
CEO of Octopus Energy, Greg Jackson, 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.”
Giorgio Tomassetti, CEO of SATO, added: “Together with Octopus Energy we will make this approach to customer service a thing of the past and we will make sure to give Italians a credible alternative, whilst also helping people decarbonise their homes and join the renewable energy revolution.”