A total of 74.5 billion yen was raised from major renewable energy companies such as Octopus and Tokyo Gas. Strengthen expansion in Japan | Business Insider Japan

CEO of octpus energy funding Greg Jackson

What should be done about soaring energy prices? Octopus Energy CEO Greg Jackson speaking directly via his official YouTube channel.

Captured from Octopus Energy Official YouTube Channel

Fast-growing British energy tech company Octopus Energy has announced that it has raised US$550 million from existing investors.

Of the $550 million325 million US dollars (approximately 44 billion yen) invested in UK technology and global businessdo.

The company plans to further expand its proprietary technology platform “Kraken,” which supports the rapid growth of Octopus Energy, and invest in products and solutions to solve the energy crisis and promote the spread of renewable energy.

One of the existing investors, Tokyo Gas, told Business Insider Japan:

“We cannot disclose the specific amount, but we have decided to increase the capital through Tokyo Gas United Kingdom Ltd., a local subsidiary in the UK.” (Public Relations Department)

An additional US$225 million (approximately ¥30.5 billion) will be invested by Canada’s giant public pension fund CPP Investments (CPP Investments, Canada Pension Fund Investment Board).

CPP Investment has announced Octopus as aA key innovator in the energy sector“In addition to strengthening our strategic partnership to support our UK technology sector and global operations, we would like to accelerate and strengthen our renewable power supply through Octopus’ flagship platform, Kraken Flex.”

$600 million from the investment firm of the former Vice President of the United States

Octopus Energy will also receive up to $600 million (at current rates) from Generation Investment Management, a sustainability-focused investment firm co-founded by former U.S. Vice President Al Gore, in September 2021. Approximately 81.1 billion yen) was announced to be additionally raised.

Tokyo Gas agreed to a strategic alliance in December 2020 and invested “approximately 200 million dollars (approximately 20 billion yen at that time)” via Tokyo Gas United Kingdom. We have established a joint venture in Japan and have been selling 100% renewable electricity to households.

Greg Jackson, CEO and founder of Octopus Energy, said of the capital increase, referring to the global energy crisis:

“We will continue to do everything we can to help navigate through the energy crisis and invest in better solutions to prevent this from happening again. We need continued audacity and the backing of forward-thinking investors like CPP Investment, Generation, Origin* and Tokyo Gas.”

*Origin: Origin Energy, a major Australian comprehensive energy company established in 2000.

“Ambition” of “Japan’s largest new electric power” remains unchanged

Starting with the launch of this service in the Kanto region in January 2022, Octopus Energy has expanded sales of 100% real renewable energy nationwide in June, excluding Okinawa.

On August 4, we started offering a new rate plan “EV Octopus” for households who own electric vehicles (EV) and plug-in hybrid vehicles (PHV).

octpus energy funding EV PHV plan

Started offering a new rate plan “EV Octopus” for households with EV/PHV charging facilities. First, as a beta version, it will be implemented for the Tokyo Electric Power area.

Capturing Octopus Energy official website

If households with charging facilities already installed switch to this plan, not only the charging of EVs and PHVs, but also the total amount of electricity used at home will be half the price during the other hours of the night from 2:00 to 4:00. First of all, the service will be provided as a beta version for the Tokyo Electric Power area.

“Since the deployment has been completed in 46 prefectures excluding Okinawa, we will further expand the number of customers. (The largest new electric power company in Japan) Our ambition to become a new electric power company that surpasses Tokyo Gas has not changed.”

Hajime Nakamura, CEO of Octopus Energy Japan, said, pointing out the strength of the teamwork of the entire Octopus Energy Group.

“From the Octopus headquarters in the UK, the Japanese team is receiving a lot of attention, expectations, and support. I am helping with the preparations for the initiative.” (Mr. Nakamura)

Currently, in addition to price plans for all-electric and power (for business use), we are considering “more intelligent” plans and services that make full use of technology. We also want to expand payment methods and implement “Octopus-like efforts for demand response.”

Octopus Energy was founded in the UK in 2016. It operates in eight countries (UK, Japan, Germany, Australia, New Zealand, USA, Spain and Italy) and supplies 100% renewable energy to more than 3.2 million customers (many of them electricity and gas). purchased as a set).

It is also actively investing in renewable energy and conducting research and development, and announced on August 3 that it will invest a total of 400 million pounds (about 65 billion yen) in the world’s largest offshore wind farm.

(Written by Yoko Yuda)

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