Octopus is buying Shell Energy’s residential businesses in the UK and Germany by EFE

© Reuters. Octopus buys Shell Energy’s residential business in the UK and Germany

Madrid, September 4 (.).- British company Octopus Energy announced that it has signed an agreement with Impello Limited, a subsidiary of Shell (LON:) Petroleum, to purchase Shell Energy’s residential business in the United Kingdom and Germany, thus bringing in two million new domestic energy customers. And broadband.

As explained Monday in a statement, Octopus now has approximately 6.5 million domestic customers in the UK (over 11 million service stations) with this agreement, and its customer base in Germany will rise to approximately 300,000.

This agreement comes as a result of a competitive award process led by Shell that includes 1.4 million local energy customers (2.5 million service stations) and 500,000 broadband customers.

Octopus Energy said the deal is expected to be completed in the fourth quarter of 2023, once regulatory approval is obtained, at which time customers will be contacted.

All Shell Energy and Broadband customers will be informed of the next steps following regulatory approval.

Credit balances are protected and will be automatically transferred to your new Octopus account, alongside your existing live accounts.

The company has experience with large-scale customer migrations, and recently completed the migration of 1.5 million Bulb customers in just six months.

Octopus is headquartered in the UK and operates in fifteen countries, with businesses in the power, generation, technology and electric vehicle retail sectors.

As indicated in its statement, it has received more than $1 billion (just over €925 million) in investments from investment funds, pensions and major energy companies.

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As part of the agreement, Shell and Octopus Energy signed a memorandum of understanding to explore a potential international partnership in electric vehicle charging, including subscribers to Shell Recharge and Octopus Electroverse.

Shell and Octopus Energy will explore options for potential joint promotions, brand activations and other activities across the electric vehicle value chain.

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