Octopus Energy has committed to investing over £1bn in the Asia-Pacific renewables market by 2027, helping to “speed up” the region’s transition to a cleaner, smarter energy system.
The company is planning to invest £1.2bn 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 1000 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’ partnership with 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 £400m 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.
Julia Longbottom, British Ambassador to Japan, said: “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.”
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.”