Octopus Energy Group has entered into a major strategic partnership with Tokyo Gas, one of Japan’s leading utilities, in a deal that values the U.K. entech pioneer in excess of $2 billion.
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. International tech haven Tokyo will function as a launchpad for Octopus's expansion into the Asian market.
Octopus Energy in Japan will provide 100 percent renewable electricity amongst other services, helping to drive green energy in the world’s biggest competitive energy market. Japanese renewables lag the United Kingdom by 50 percent (renewables in Japan in 2019 accounted for 18.9 percent of electricity vs 37.9 percent in the United Kingdom) but the potential is huge and Octopus Energy aims to be at the forefront of driving this, supporting Prime Minister Yoshihide
