Octopus Energy invests £1.5bn in Asian renewables and energy tech

Posted at May 20, 2023 » By : » Categories : News » Comments Off on Octopus Energy invests £1.5bn in Asian renewables and energy tech

Octopus Energy has announced a £1.5 billion investment in the Asia-Pacific energy market by 2027, aiming to accelerate the region’s transition to a cleaner and more efficient energy system.

Of this investment, £1.2 billion will be allocated to solar and wind generation, with a focus on Japanese renewables.

Additionally, Octopus will dedicate £300 million to expanding its tech innovation and energy retail hub in Tokyo, allowing for a tenfold increase in its workforce by 2027 and the creation of 1,000 green jobs for both UK and local talent.

Octopus has said its Tokyo tech hub has been instrumental in developing advanced features for its tech platform Kraken.

By increasing investments in this team, Octopus aims to support its operations and develop innovative solutions to reduce energy costs for consumers in the UK and other markets.

The company’s investment builds upon its successful partnership with Tokyo Gas, which led to the establishment of a joint venture in 2021.

With nearly 200,000 retail customers, Japan has become Octopus’ second largest market, following the UK.

Julia Longbottom, British Ambassador to Japan, has commended Octopus Energy’s investment as a testament to their commitment to sustainable development and Japan’s untapped renewable energy potential.

Greg Jackson, Founder of Octopus Energy Group, has highlighted the importance of international cooperation in achieving an energy transition that benefits consumers, economies and the climate.

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