LG Electronics is set to expand its footprint in the European cleantech market through a new partnership with UK-based Octopus Energy.
LG Electronics announced on Tuesday that the two companies had signed an MOU for strategic collaboration in the cleantech sector at Octopus’s London headquarters on August 28.
Octopus Energy is the largest electricity supplier in the UK by customer numbers. In line with its decarbonization goals, the company is currently promoting a business to replace gas boilers with heat pumps, primarily in the UK. Octopus has also developed an AI-driven energy management platform called Kraken, which provides customers with real-time renewable energy pricing information, enabling them to opt for cost-effective energy choices. This innovative approach has helped Octopus secure approximately 10 million customers across more than 30 countries since it was founded in 2016, cementing its position as a leading UK power company.
The partnership will integrate LG Electronics’ high-efficiency heat pump heating and cooling systems with Octopus’s Kraken platform. This combined solution is slated for launch in key European markets, including the UK and Germany.
Heat pump systems are known for their eco-friendly operation, utilizing waste heat or unused thermal sources from the surrounding environment. This results in lower carbon emissions compared to traditional fossil fuel-based heating and cooling devices, while also delivering superior energy efficiency. LG Electronics’ high-efficiency heat pumps incorporate an inverter scroll compressor based on its proprietary CoreTech. This advanced technology ensures not only excellent energy efficiency but also enhanced durability and reliability.
Greg Jackson, CEO of Octopus Energy, emphasized the importance of heat pumps in eco-friendly and economical heating solutions. He praised LG Electronics for its industry-leading products and technologies, expressing confidence that their collaboration would lead to reduced heating costs and improved environmental protection. LG Electronics’ Vice President Yoon Tae-bong described the partnership with Octopus as a crucial stepping stone for growth in the European cleantech sector. He affirmed the company’s commitment to exploring diverse business opportunities that offer unique value to customers, thereby securing sustainable growth in the global market. Meanwhile, the signing ceremony was attended by key figures from both companies, including LG Electronics Vice President Yoon Tae-bong, UK Branch Managing Director Choi Hwal-soo, Octopus CEO and founder Greg Jackson, and Octopus Chief Strategy Officer (CSO) Tim Hill.
