UK supplier Igloo Energy has received an investment of up to £20 million from Japan’s Osaka Gas for a minority stake in the company.
The energy firm says the investment will help accelerate its growth and fast-track the development of its home services arm, Igloo Works, aimed at helping customers reduce their energy use at home.
It supports the rollout of smart thermostats and hybrid heating technology to UK homes as well as provides bespoke recommendations by analysing energy consumption data and understanding how individual homes use energy.
Matt Clemow, CEO and Co-founder of Igloo Energy, which supplies more than 85,000 households, said: “Helping customers transition away fossil fuels to heat their homes is a critical aspect of how we reduce the impact of climate change. As an energy supplier who always puts its customers first, we are in a privileged position to help them do just that.
“This deal is a strategic investment for Osaka Gas, a global integrated utility headquartered in Japan. Osaka Gas is one of the world’s largest installers of domestic combined heat and power (mCHP) boilers. Their experience in rolling out alternative heating technology to consumers’ homes at scale will be invaluable to Igloo as we undertake to do the same in the UK.”
Eiji Natsuaki, Associate Director of Osaka Gas, which serves more than six million households and businesses, added: “In the UK, as a number of renewable generation facilities have been installed in recent years, there has been an increasing necessity of demand side energy flexibility. With the prospect of great demand growth in this area, we look forward to participating in Igloo Energy’s strategy to develop and roll out new services related to demand side energy flexibility.
“Through the collaboration with Igloo Energy in the household energy supply business in the UK, we aim to enhance our expertise in business operation and new services development in an advanced energy market to expedite our business expansion in the field of demand side energy flexibility.”
