Octopus Energy has struck a deal to acquire energy-saving technology rival Bulb.
In November 2021, Bulb became a special administration designed to protect customers when a major energy supplier becomes insolvent, allowing them to trade as normal while a deal is worked out.
The government has now approved a deal between special administrators Bulb and Octopus Energy to acquire 1.5 million Bulb customers. Bulb’s 650 employees will be supported by Octopus.
The sale will be completed in a statutory process called the Energy Transfer Scheme (ETS), which will see the relevant Bulb assets transferred to a new, separate entity that will protect consumers during the transfer process.
The process is subject to approval by the Minister for Business and Energy and will come into force at a time set by the High Court, expected to be in late November.
According to the government, light bulb customers will not experience any changes or disruptions to their power supply as part of this transfer. They don’t need to take any action and all direct debits will be transferred automatically.
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“This Government’s top priority is protecting consumers and this sale will bring vital assurance and energy security to consumers across the country at a time when they need it most,” Business and Energy Minister Grant Shapps said.
“It’s a fresh start and means Bulb’s 1.5 million customers can rest easy knowing they have a new energy home in Octopus.”
Octopus will continue to use Bulb’s technology and branding during the transition period to ensure a seamless transition for Bulb customers.
Greg Jackson, CEO and founder of Octopus Energy Group, commented: “We take our responsibilities very seriously. We will work incredibly hard to deliver value for the taxpayer and look after Bulb staff and customers.
“We started as competitors, but we shared the same mission – to create a greener and cheaper energy system with people at heart. We know how important this is to Bulb’s loyal customers and dedicated staff and are determined that Octopus can provide them with a stable home for the future.”
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