LG Electronics Secures Ally in UK's Largest Power Company...Targeting European HVAC Market
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- 2025-09-02 10:06:41
- Updated
- 2025-09-02 10:06:41
LG Electronics, MOU with UK Octopus Energy
LG Electronics announced on the 2nd that the two companies signed a Memorandum of Understanding (MOU) for strategic collaboration in the cleantech sector at Octopus's headquarters in London, UK, on the 28th of last month.
Octopus is the power supply company with the most customers in the UK. Aiming for decarbonization, it is also promoting a project to expand the distribution of heat pumps instead of gas boilers, mainly in the UK. Additionally, through its self-developed AI-based energy management platform 'Kraken', it provides customers with real-time renewable energy price information, allowing them to choose and use affordable energy. With these innovative solutions, it has secured about 10 million customers in over 30 countries in just nine years since its establishment in 2016, establishing itself as a representative power company in the UK.
The two companies plan to introduce a solution that integrates LG Electronics' high-efficiency heat pump HVAC system with Octopus's Kraken in major European markets such as the UK and Germany.
The heat pump HVAC system operates by utilizing waste heat or unused heat sources around it, resulting in lower carbon emissions and higher energy efficiency compared to fossil fuel-based HVAC devices. LG Electronics' high-efficiency heat pump applies an inverter scroll compressor based on the differentiated core component technology 'CoreTech', providing excellent energy efficiency as well as high durability and stability.
Octopus Energy CEO Greg Jackson said, "Heat pumps are a key technology for eco-friendly and economical heating, and LG Electronics possesses industry-leading products and technology. Our collaboration will enable heating cost savings and environmental protection." LG Electronics Vice President Yoon Taebong, Head of Overseas Sales Division, said, "The collaboration with Octopus is an important momentum for the growth of the European cleantech business. We will secure continuous growth drivers in the global market by discovering various business opportunities that deliver differentiated customer value."
Meanwhile, at the signing ceremony, LG Electronics Vice President Yoon Taebong, Head of Overseas Sales Division, UK Branch Manager Choi Hwalsu, Greg Jackson, CEO and founder of Octopus, and Tim Hill, Chief Strategy Officer (CSO) of Octopus, attended.
ehcho@fnnews.com Cho Eunhyo Reporter