Who Owns Bulb Energy?
Understanding who owns Bulb Energy requires examining the company’s complex ownership structure and its recent transfer to Octopus Energy following administration proceedings.
Current Ownership Status
Bulb Energy is no longer an independent company and is now owned by Octopus Energy following a government-approved acquisition completed in December 2022. The transfer occurred through an Energy Transfer Scheme (ETS) after Bulb entered special administration in November 2021. This strategic move was designed to stabilize Bulb’s operations and safeguard its substantial customer base.
Historical Ownership Structure
Prior to entering administration, Bulb Energy Limited was owned by Simple Energy Limited, which served as the ultimate holding company for the group. Simple Energy Limited was founded by entrepreneurs Amit Gudka and Hayden Wood in October 2014, with Bulb Energy Limited being incorporated on April 2, 2013.
Simple Energy Limited functioned as more than just a holding company – it was also the financing entity for the group, raising all cash used to fund Bulb’s operating activities in the UK and other overseas markets. Additionally, Simple Energy acted as the employer for Bulb Energy Limited’s employees, creating an unusual corporate structure.
The Transfer to Octopus Energy
Following Bulb’s entry into special administration, the UK government approved an agreement between Bulb’s special administrators and Octopus Energy in October 2022. This deal transferred Bulb’s 1.5 million customers and 650 employees to Octopus Energy through a structured process designed to protect consumers and taxpayers.
The transfer was completed on December 20, 2022, using an Energy Transfer Scheme that moved Bulb’s relevant assets into a new entity called Bulb UK Operations Limited (later renamed Octopus Energy Operations Limited). This new entity is wholly owned by Octopus Energy Retail 2022 Limited, which is itself a subsidiary of Octopus Energy Group Limited.
Octopus Energy’s Ownership Structure
Octopus Energy Group Limited has a complex ownership structure with multiple shareholders as of April 2022:
- Octopus Energy HoldCo Ltd – 39.07%
- Management & employees via Octopus Nominees Ltd – 24.4%
- Origin Energy International Holding Pty Ltd – 16.49%
- GIM Willow (Scotland) LP – 8.97%
- Tokyo Gas UK Ltd – 7.48%
- Canadian Pension Plan (CPP) Investment Board – 2.99%
- Octopus Capital Ltd – 0.58%
The acquisition included specific protections, with the transferred Bulb operations remaining ringfenced from Octopus Energy’s core business for a defined period, and a profit-share agreement in place until agreed government funding is repaid.
In conclusion, the ownership of Bulb Energy is now firmly under the umbrella of Octopus Energy, a transition that reflects both corporate strategies and government involvement aimed at stabilizing and retaining customer trust in the energy market. This transfer not only highlights the dynamic nature of energy business dealings but also underscores the complexities of such ownership structures in today’s energy market.
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