On episode 236 of ERENEWABLE and The Green Insider Podcast, Michael Lee, CEO of Octopus Energy answers the question of, what role will the retail electricity provider play in the energy transition.
Octopus has quickly grown to have 8 million customers based in 10 countries. Michael tells us how they did it by taking a “customer first mentality” approach and by asking the customer to, “trust us with the products.”
He goes on to explain how customers by changing their usage habits through automation can reduce their electricity usage thus saving them money. On this podcast we have great discussion on retail electricity, and Michael’s view on this “electric based world” we now live in.
More about Michael Lee and Octopus Energy
Michael Lee has worked in the renewable energy industry for more than a decade and currently serves as CEO of Octopus Energy U.S. After earning his MBA from Harvard, Michael quickly unlocked his passion for cleaner and cheaper electricity, working on some of the first battery storage projects and developing solar solutions for global Fortune 500’s.
He spent nearly a decade in the IPP industry helping finance some of the earliest batteries, wind and solar projects before the industry matured to its current form. He then launched an energy retailer in Texas called Evolve Energy, with the idea that customers can optimize energy usage to ease grid tensions and save money on their bills through AI and IOT.
Through a shared mission to decarbonize energy using tech and smart rates, Evolve Energy was acquired by Octopus Energy in 2020. Octopus Energy U.S. wants to enable a more modern, reliable, and resilient grid across the country, starting in Texas.
Octopus Energy is currently valued at more than $7.8 billion in 2023 and is backed by some of the largest global energy players such as Al Gore’s Generation Investment Management, Origin Energy, Tokyo Gas and CPP.
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