Update: Octopus Energy U.S. To Acquire Brilliant Energy Residential Customer Book

Octopus Energy US formally announced that it has signed an agreement to acquire the residential customer book of Texas retail electric provider Brilliant Energy LLC, which had been exclusively first reported by EnergyChoiceMatters.com on May 5

"The $2.23 million deal will see Octopus Energy take ownership and responsibility for the management and supply of energy to the approximately 9,000 residential customers currently supplied by Brilliant Energy," Octopus said

"This news follows Octopus Energy’s entry into the U.S., starting in Texas, late last year and builds on the company’s goals to invest $100 million into the U.S. energy market and target 25 million U.S. energy accounts by 2027," Octopus said

"Under the agreement, Brilliant Energy’s customers will be brought under Octopus Energy’s proprietary technology platform Kraken and will experience the same or lower prices as a result of the transaction," Octopus said

Michael Lee, CEO of Octopus Energy US, said: "Brilliant Energy is a company that has always stood for quality and unique brand experiences. It complements our strong dedication to bringing unparalleled customer experience to our users. This is a major moment for us, as we work to bring our 100% renewable energy supply and outstanding technology to more Texans and their homes."

Earlier (from May 5):

(May 5) Update:

A bankruptcy court approved the sale of Brilliant Energy LLC's residential customer book and related assets to Evolve Retail Energy LLC d/b/a Octopus Energy US, as described in our prior story below

During a court hearing, a trustee for Brilliant confirmed that it also conducted a sale process for the commercial customer book, but the trustee did not discuss any result of such commercial sale process or the disposition of the commercial customer book

(May 5) Original story:

The Trustee for the estate of Brilliant Energy LLC has sought court approval for sale of Brilliant's residential customer book and related assets to Evolve Retail Energy LLC d/b/a Octopus Energy US

A sale hearing on the proposed sale is scheduled for later today (check this page later today for updates; you may need to refresh the page)

The to-be purchased assets include all residential Customer Contracts and all goodwill associated therewith; all residential Customer Data; copies of all books and records of the business related solely and exclusively to the Included Assets and Included Liabilities; and Hedges

Under the agreement, Octopus shall purchase the Included Assets for an aggregate purchase price equal to $250.00 multiplied by the number of unique ESI IDs for each residential customer that is served under a customer contract that is listed on the pre-closing customer list and that goes on-flow as a served customer of buyer for at least thirty (30) days

Based on a good faith deposit included in the court documents, the anticipated purchase price is $2.23 million (which would reflect about 8,900 customers)

The proposed sale results from a previously reported sale process.

The Trustee said, "The total consideration provided by the Purchaser for the Assets as reflected in the Purchase Agreement is the highest and best offer received by the Trustee for the Assets. The Trustee’s determination that the Purchase Agreement constitutes the highest and best offer constitutes a valid and sound exercise of the Trustee’s business judgment and the Trustee’s decision to enter into the Purchase Agreement constitutes a proper exercise of the fiduciary duties of the Trustee."