LG, Octopus Energy team up on cleantech in Europe

LG Electronics said Tuesday that it has signed a memorandum of understanding with the UK’s largest power supplier, Octopus Energy Group, to expand cooperation in the European clean technology market.

Under the agreement, the two companies will develop an integrated solution that combines LG Electronics’ high-efficiency heat pumps with Kraken, Octopus’ AI-driven energy management platform.

The solution is expected to optimize heating and cooling systems, reduce energy bills, and lower carbon emissions.

LG Electronics’ heat pumps operate by utilizing waste heat or unused heat sources in the surrounding area, resulting in lower carbon emissions and greater energy efficiency compared to heating devices powered by fossil fuels.

Octopus’ Kraken provides its customers with real-time renewable energy price information, enabling them to choose and use less expensive energy.

The two companies plan to introduce the solution in major European markets, including the UK and Germany, with the goal of further regional expansion of the product.

“By linking LG’s heat pumps with our Kraken platform, customers will be able to reduce heating costs while protecting the environment,” said Greg Jackson, founder and CEO of Octopus Energy.

“The partnership marks an important momentum for our cleantech business in Europe,” said Yoon Tae-bong, executive vice president of LG Electronics’ overseas sales and marketing company.

“We will secure sustainable growth by delivering differentiated services in the global market.”