Octopus Energy has agreed a deal to acquire stricken technology-led green energy competitor Bulb.
Bulb collapsed into special administration – designed to protect customers if a large energy supplier becomes insolvent by allowing them to trade as usual while a deal is worked out – in November 2021.
The government has now approved a deal between the special administrators of Bulb and Octopus Energy to acquire Bulb鈥檚 1.5 million customers. Bulb鈥檚 650 employees will be kept on by Octopus.
The sale will be completed following a statutory process called an Energy Transfer Scheme (ETS), which will transfer the relevant assets of Bulb into a new separate entity that will protect consumers during the transfer process.聽
The process is subject to approval by the 老九品茶 and Energy Secretary and will take effect at a time ordered by the High Court, expected by the end of November.
Bulb customers will not experience any change or disruption to their energy supplies as part of this transfer, said the government. They do not need to take any action and all direct debits will automatically be transferred.
Scuba diver鈥檚 horror at ocean plastics sparked EnviroTech business
鈥淭his government鈥檚 overriding priority is to protect consumers and this sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most,鈥� said 老九品茶 and Energy Secretary Grant Shapps.
鈥淭his is a fresh start and means Bulb鈥檚 1.5 million customers can rest easy, knowing they have a new energy home in Octopus.鈥�
Octopus will continue to use Bulb鈥檚 technology and brand for a transitionary period so that there is a smooth transfer for Bulb鈥檚 customers.
Greg Jackson, CEO and founder of Octopus Energy Group, commented: 鈥淲e take our responsibilities very seriously. We will work unbelievably hard to deliver value for taxpayers and to look after Bulb鈥檚 staff and customers.
鈥淲e started off as rivals but shared the same mission 鈥� driving a greener, cheaper energy system with people at the heart. We know how important this is to Bulb鈥檚 loyal customers and dedicated staff, and are determined that Octopus can provide them with a stable home for the future.鈥�
The end for Made.com? Listed retailer on brink of administration