Osaka Gas has taken a minority stake in new energy supplier Igloo Energy, with a strategic investment of up to £20 million in the company.
Igloo said the investment will accelerate growth. It will also fast-track the development of Igloo’s home services arm, Igloo Works, aimed at seamlessly reducing how much energy Igloo’s customers use at home.
Founded in 2017, Igloo’s proposition is to actively help customers use less energy. It uses smart home technology to track customers’ energy use and deliver clear personalised energy efficiency recommendations. It now supplies over 85,000 residential customers across the UK .
In September Igloo launched Igloo Works, a home services marketplace, to support roll out of smart thermostats and hybrid heating technology to UK homes. By analysing energy consumption data and understanding how individual homes use energy, Igloo Works provides a bespoke recommendation for the solution that best meets the needs of a home.
Igloo founder and chief executive Matt Clemow, said: “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.
“We’re delighted to be working with a strategic partner who shares our vision for the future of energy allied with the scale and experience to help us achieve our ambitions.”
Eiji Natsuaki, associate director of Osaka Gas Co Ltd, said, “As an energy utility serving over 6 million residential and C&I customers in Japan, Osaka Gas has been growing its energy business by creating demand and providing value to customers while supplying reliable energy and offering innovative services since its commencement of business in 1905. …
“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.”