So, what’s to say Octopus Vitality received’t go the identical manner!?
We insist upon honest and sustainable pricing. We cost our prospects primarily based on the wholesale value of power, with a goal 5% margin on high to cowl the prices of operating a profitable enterprise.
Our enterprise mannequin
Pushing for the Worth Cap
Here is our CEO Greg presenting proof in favour of capping power tariff costs earlier than the invoice committee in Parliament (it later handed and have become the Home Fuel and Electrical energy (Tariff Cap) Act 2018.) Watch him preventing for the cap right here.
Which means that we insist upon transparency in our personal pricing, too. We received’t promise to all the time supply the most cost effective tariff available on the market, as a result of we all know that the prices of operating enterprise can’t be compromised on. We differ from these smaller corporations as a result of we received’t sacrifice our enterprise, or our employees or prospects’ happiness, to supply dirt-cheap costs. They’ll. With eight power corporations having ceased buying and selling in 2018 alone, it’s fairly well-documented that this mannequin is unsustainable.
Lengthy story, quick: if a deal seems too good to be true, it in all probability is.
Backed by the massive guys, so we’re free to maintain doing what we do finest
Octopus Vitality has the perfect of each worlds – the tech and imaginative and prescient of a startup; and the safety of being backed by a serious buyers.
Octopus Investments
Stage 1 of our journey has been powered completely by our eponymous backers, Octopus Group. This propelled us to 1.5m home prospects within the UK throughout Octopus Vitality, M&S Vitality, Have an effect on Vitality, London Energy, Co-op Vitality and Tesla Energy, and over 12,000 enterprise prospects on progressive proprietary power options with Octopus Vitality Enterprise, together with Arsenal and the Nationwide Area Centre.
A big portion of Octopus Vitality remains to be owned by Octopus Group, who run a lot of funding funds, together with £3.4bn in renewable power technology. Their unbelievable photo voltaic funding truly makes them the UK’s largest investor in onshore photo voltaic (that means, panels that aren’t on roofs, or on the ocean). Over £2 billion has already been invested in Octopus Group’s power mission to date, and our essential relationship with them stays a extremely sturdy one.
Funding from Origin and Tokyo Fuel
In early 2020, Stage 2 of Octopus Vitality’s mission to make the inexperienced power transition cleaner and cheaper noticed main funding from Australian Vitality firm Origin. Origin’s backing additionally noticed us valued as a type of uncommon beasts – a tech ‘unicorn’, and is already powering our progress into new markets, serving to us construct extra tech to make power greener, and rising our funding in service and progress in our current markets (the UK and Germany).
As 2020 drew to an in depth (and we neared 2 million prospects) we had been delighted to announce that Tokyo Fuel, considered one of Japan’s most revered utilities, with 135 years of heritage, was partnering with Octopus to launch Octopus Vitality in Japan. On high of that, Tokyo Fuel have invested $200m for a 9.7% stake in Octopus Vitality Group to assist drive our inexperienced power revolution.
It is price remembering that moreover Octopus Group, Origin and Tokyo Fuel, the remainder of Octopus Vitality is owned by our group! (Actually. Each Octopus Vitality worker is a shareholder).
