Entech pioneer Octopus Energy has acquired Upside Energy, a company specialising in cloud-based software, enabling it to enhance the AI and data science capabilities underpinning its home energy offering.
Upside Energy specialises in developing cloud-based software which connects with clean energy technologies such as electric vehicles, heat pumps and batteries.
The combination of Upside Energy’s software with Octopus Energy’s award-winning technology platform Kraken will enable Octopus Energy to provide solutions which allow users to automatically manage devices to match real-time energy demand and supply.
A cross disciplinary team, led by corporate partner David Harrison, advised Octopus Energy on the acquisition.
David said: “It has been a pleasure to support Octopus Energy once again as they continue the rapid growth of their business.
“They are an immensely ambitious and energetic team and their passion for transforming the way we all consume energy, for the better, is inspiring.
“It has been hugely exciting for the entire team here at Shoosmiths to play a small part in that process.”
Octopus provides gas and electricity to 1.7 million homes in the UK, along with a range of related energy services, and has already expanded into the US, Germany, Australia and New Zealand. It became a unicorn in May after Australian energy company Origin acquired a 20% stake. It also recently revealed plans to make the UK the ‘Silicon Valley of energy’, announcing 1,000 new jobs across England at multiple sites.