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Octopus Energy, a new electric power company in the UK, announced on April 5 that it has invested in Yotsuya Capital, which is engaged in the development of renewable energy power plants. Octopus, which has its own customer management platform that utilizes artificial intelligence (AI), has strengthened its business base in Japan by partnering with Tokyo Gas.
Although the investment amount has not been disclosed, Yotsuya Capital plans to use the funds to develop solar power generation, aiming to build a new power plant with a total output of 250,000 kilowatts in Japan over the next five years. It will be Octopus' first investment in a renewable power generation business in Asia. The company has already deployed more than 3 million kilowatts of renewable power plants worldwide.
Octopus was founded in 2015. Using AI to make power plan proposals and customer management more efficient, the unique system "Kraken" is used as a weapon to supply power to over 3 million customers in the UK, and is breaking down the stronghold of major power companies. In recent years, the company has also been focusing on the Japanese business, and announced a partnership with Tokyo Gas in December 2020. Through a joint venture company established in Japan, they are developing a power retail business, and also handle power plan that are virtually 100% renewable.
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