London entech set for Asia expansion with Japanese utilities partnership

A London energy firm is set to launch in Japan through a new joint venture with one of the country’s largest utilities companies.

Octopus Energy Group has today announced it has agreed a strategic partnership with Tokyo Gas.

Octopus’s technology platform Kraken will be licensed by the joint venture in a bid to deliver ‘cleaner and smarter’ energy solutions to Japanese households.

The agreement will see Octopus Energy and Tokyo Gas launch the Octopus Energy brand in Japan - operated by TG Octopus Energy, a 30:70 joint venture backed by working capital and growth funding provided by Tokyo Gas.

Octopus Energy founder and CEO, Greg Jackson, commented: “We are delighted to announce our agreement with Tokyo Gas, one of the most respected and successful Japanese utilities, to launch Octopus Energy in Japan.

“This joint venture will bring our exciting approach to renewable energy and technology to the world’s largest competitive energy market, and the investment will turbocharge our mission to revolutionise energy globally.”

Tokyo Gas president and representative director, Takashi Uchida, added: “I believe Octopus Energy, which is delivering diversified tariffs and services using digital technology through low costs in the UK and overseas, is the most appropriate partner for Tokyo Gas.

“Through this partnership, we will contribute to the achievement of a better lifestyle for customers by realizing value creation and delivery tailored to every one of them.”