Octopus Energy has signed a new strategic partnership with LG Electronics.
LG’s heat pumps and air conditioners will be integrated with Octopus’s proprietary technology platform, Kraken. Octopus said its platform enables users to automatically run devices when energy is cheapest and greenest.
According to a company statement, this combination will help households cut energy bills, reduce reliance on fossil fuels and speed up Europe’s move to net zero.
The partnership has initially launched in the UK and Germany. The statement added that it is set to expand into more European markets over time and grow to cover other appliances.
The deal was signed at Octopus’s London HQ, with Octopus founder and CEO Greg Jackson joining LG executives including Thomas (TaeBong) Yoon, president of LG’s Overseas Sales & Marketing Company.
Greg said: “Heat pumps are the linchpin of clean, affordable heating – and LG makes some of the best on the market. By plugging them and their air conditioning units into our Kraken tech, we can make them even cheaper to run, giving households an easy way to cut their bills while helping the planet.”
Thomas added: “This partnership with Octopus Energy Group represents a significant milestone in our European growth strategy. We will continue to explore new opportunities that create differentiated customer value and secure sustainable growth drivers in the global market.”