Octopus Energy (Octopus) is going full-steam ahead with its European expansion plans, wading into the Italian energy market.
It has acquired SATO Luce e Gas, an Italian energy retailer, which is active across 11 regions nationwide.
The company will be reformed as Octopus Energy Italy.
Octopus is now targeting one million Italian customers and a five percent market share by 2025.
The Italian entity’s expansion will be driven by an initial investment of €60m from Octopus Energy.
The green focused energy firm finds itself flush with cash despite the ensuing chaos of the UK’s energy crisis after a $600m injection from Al Gore-backed Generation Investment Management last month.
The investment valued the company at $4.6bn, rivalling energy giants such as market leader British Gas.
Last month it teamed up with RES to build hydrogen reactors in the UK.
The energy firm’s embrace of the Italian market follows successful entry into both the US and German markets, where its customer bases have grown by a factor of five and six respectively over the last year.
Octopus’s plan for Italy is comparable to its business in Germany and the US, alongside its biggest market – the UK: which has grown to 3.1m customers.
It will look to provide customers with green power with innovative tariffs and technology.
The company will also release the Kraken, its cloud-based energy technology platform, to the Italian market.
Greg Jackson, CEO and founder of Octopus Energy, 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.”