IGLOO Energy has announced that it is receiving a strategic investment of up to £20 million from global integrated utility company Osaka Gas, in exchange for a minority stake in the company.
Founded in 2017, Igloo uses smart home technology to track customers’ energy use and deliver clear personalised energy efficiency recommendations, which helps reduce the cost of heating and power the homes.
Matt Clemow, CEO and Co-founder of Igloo Energy, commented on the news: “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 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.”
Heating in UK homes accounts for c.14% of total UK carbon emissions and with a changing climate change policy landscape and the UK targeting Net Zero Carbon by 2050, recent analysis from Policy Connect indicates that if the UK is to meet its climate change goals, over 20,000 homes a week need to switch to low carbon heating between 2025 and 2050.
In September Igloo launched its home services marketplace Igloo Works, to support the roll out of smart thermostats and hybrid heating technology to UK homes.
Osaka Gas has been growing its energy business since its commencement in 1905, serving over six million residential and C&I customers in Japan today.
Eiji Natsuaki, Associate Director of Osaka Gas, added: “We are very pleased with this strategic partnership between Igloo Energy and Osaka Gas, where we would like to contribute to expanding Igloo Energy’s business.
“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.”
