Octopus Energy reaches tentacles further into Asia with £1.5 billion investment in renewables and energy tech

  • Octopus to invest £1.2 billion in renewables in Asia-Pacific by 2027
  • Further £300 million committed to expand tech innovation hub in Tokyo
  • Move to create 1,000 green jobs across the region, and bring down bills for consumers in the UK and abroad
Zoisa North-Bond (CEO of Octopus Energy Generation) with Prime Minister Rishi Sunak at business reception in Tokyo - 18 May 2023. Credit - Octopus Energy

Tokyo/London, 18th May - Octopus Energy today announces its commitment to invest £1.5 billion in the Asia-Pacific energy market by 2027, helping speed up the region’s transition to a cleaner, smarter energy system.

The global energy and technology group is planning to invest £1.2 billion into solar and wind generation in the region, with half of the money going into Japanese renewables.

Doubling down on its existing Asian headquarters, Octopus is committing a further £300m to expand its tech innovation and energy retail hub in Tokyo. This will enable the business to increase its headcount tenfold by 2027, creating 1,000 green jobs for UK and local talent.

The Tokyo tech hub has played a major role in developing cutting-edge features for Octopus’ tech platform Kraken. Increasing investments in this team will unlock efficiencies and create more world-first solutions to drive down bills for consumers in the UK and abroad.

The move builds on Octopus’ already successful partnership with Japanese energy giant Tokyo Gas, which saw the two companies launch a joint venture in 2021.

With almost 200,000 retail customers, Japan is now Octopus’ second largest market after the UK. The new business is growing at an incredible speed, adding thousands of domestic customers each week, and targeting millions of customers in the next few years.

Octopus’ generation team will further leverage this strategic partnership to raise £400 million from Asia-Pacific investors over the next five years to build more UK wind and solar farms whilst bringing vital energy expertise to Europe and strengthening supply chains.

The investment comes as Japan works to shift towards a clean energy future - propelled by the recent G7 ministers’ agreement to speed up renewable energy development - collectively pledging to increase offshore wind capacity by 150 GW by 2030 and solar capacity to more than 1 TW.

Julia Longbottom, British Ambassador to Japan: “I am pleased to welcome the significant investment Octopus Energy is making in Japan's renewable energy sector. This investment demonstrates Octopus Energy’s strategic foresight and commitment to sustainable development, and is a vote of confidence in Japan's vast and largely untapped renewable energy potential.

“Japan's renewable energy market is ripe for investment. Now is the right time for British companies to step up collaboration with our Japanese partners, bringing together our shared expertise and commitment to green energy. The mutual benefits are profound, from economic growth and job creation to technological advancement and environmental sustainability.

“The launch of our newly-forged UK-Japan renewable energy partnership marks a significant milestone in our bilateral collaboration; one that could set the stage for a boom in renewable energy projects in Japan. As we navigate this new era of energy transition, I am confident that UK companies, exemplified by Octopus Energy, will play an integral role in shaping a sustainable and prosperous future for the UK and Japan.”

Greg Jackson, Founder of Octopus Energy Group, said: "International cooperation is the key to creating an energy transition which benefits consumers and economies as well as the climate. Our partnership with Tokyo Gas has grown ever stronger and I’m delighted to be bringing even more investment to Japan and into the UK. Linking our businesses in Australia, New Zealand and Singapore to the UK and Europe, our operations in Japan have helped create a unique global technology ecosystem benefiting everyone. I’m excited to take it even further with today’s announcement.”

Hajime Nakamura, CEO of Octopus Energy in Japan, said: "We are incredibly excited about this investment as it will significantly boost the expansion of renewable energy in the Asian Pacific region. Octopus will continue to help drive sustainability in Japan through our smart technology and by creating initiatives and services that will help customers make the most of green electrons when they are abundant."

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement has played a vital role in facilitating Octopus’ expansion, providing UK companies with increased protection and opportunities in member states. This bold investment not only solidifies Octopus’ position as a global leader in renewable energy and technology, but also strengthens ties between the UK and CPTPP member nations.

Furthermore, the UK-Japan Framework Agreement on renewables and offshore wind enables both countries to collaborate on innovative projects, sharing expertise, and capitalising on the immense potential of offshore wind power.

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About Octopus Energy Group

Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. With operations in 14 countries, Octopus Energy Group has a truly global reach.

Octopus’s domestic energy arm already serves 5.4 million customers globally with cheaper greener power, through Octopus Energy, Bulb, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a nearly £6 billion portfolio of renewable energy assets across the globe.

All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support 30 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.

In December 2021, Octopus Energy Group was valued at approximately $5 billion following investments from Generation Investment Management and Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. These were the company’s third and fourth major investments since launching to the market.

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