Madrid, Sept. 4 (.).- British Octopus Energy announced it has entered into an agreement with Impello Limited, a subsidiary of Shell (LON:RDSb) Petroleum, to purchase Shell Energy’s residential business in the UK and Germany, with which it will add two million energy and broadband customers new domestic.

As explained in Monday’s statement, with this agreement Octopus now has almost 6.5 million domestic subscribers in the UK (over 11 million service stations) and its German subscriber base will increase to almost 300,000.

This agreement is the result of a competitive awards process led by Shell and covers 1.4 million domestic energy customers (2.5 million service stations) and 500,000 broadband customers.

Octopus Energy said the transaction is expected to close 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 notified of the next steps following regulatory approval.

The credit balance is protected and will automatically be transferred to your new account at Octopus, along with your current direct debits.

The company has experience in large-scale customer migrations and recently completed the transfer 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 electric retail, generation, technology and electric vehicle sectors.

As stated in the statement, they have received more than 1 billion dollars (over 925 million euros) in investments from investment funds, pensions and large energy companies.

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

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