LG Electronics said Tuesday that it signed a memorandum of understanding (MOU) on August 28 with the U.K.’s largest power company, Octopus Energy, for strategic collaboration in Europe’s clean-tech sector. At the signing ceremony, Yoon Tae-bong, executive vice president and head of LG’s Overseas Sales Division (left), and Greg Jackson, Octopus CEO and founder, posed for a commemorative photo. (Image provided by LG Electronics)
SEOUL, Sept. 3 (Korea Bizwire) — LG Electronics is deepening its push into Europe’s clean-energy market, announcing a partnership with Britain’s largest power supplier, Octopus Energy, to roll out next-generation heating and cooling systems across the region.
The two companies signed a memorandum of understanding in London on August 28, LG said Tuesday. The agreement will link LG’s high-efficiency heat pump systems with Octopus’s artificial intelligence–driven energy management platform, Kraken, and target major European markets including Britain and Germany.
The collaboration comes as European households grapple with high energy costs in the wake of recent supply shocks. The companies said their integrated solution aims to help consumers cut heating bills while reducing carbon emissions. Kraken, which provides real-time pricing data for renewable energy, will allow households to optimize usage of cheaper and cleaner power.
Octopus has been aggressively promoting the shift from gas boilers to electric heat pumps as part of the U.K.’s decarbonization strategy. LG, for its part, has identified “ABC” — artificial intelligence, biotech and clean tech — as its next growth engine, and is investing heavily in technologies from low-carbon fuels to renewable integration.
Greg Jackson, Octopus’s chief executive, called heat pumps “the key technology for greener, more affordable heating” and praised LG as a leader in the field. LG’s systems use proprietary inverter scroll compressors that the company says combine superior energy efficiency with durability.
Jo Joo-wan, LG’s chief executive, described the partnership in a LinkedIn post as “a meaningful step in LG’s journey to becoming a global clean-tech leader,” adding that it will both deliver customer value and advance a carbon-neutral future.
Kevin Lee (kevinlee@koreabizwire.com)
