Establishment of a Subsidiary in the United Kingdom and Formation of Strategic Alliance with UK-based Octopus Energy[PDF : 165KB]
December 22, 2020 at 11:05 pm EST
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Company:
Representative:
Contact:
December 23, 2020
Tokyo Gas Co., Ltd. UCHIDA Takashi, President (Securities code: 9531, TSE1 & NSE1)
FUKUO Tomonaga
General Affairs Group Manager
Establishment of a Subsidiary in the United Kingdom and Formation of Strategic Alliance with
UK-based Octopus Energy
Tokyo Gas Co., Ltd. ("Tokyo Gas") hereby announces that it will form a strategic alliance with U.K.-based Octopus Energy Group Limited ("Octopus Energy") (Founder and CEO: Greg Jackson) by investing in the company through a subsidiary to be established in the U.K., as follows.
１．Reasons
Tokyo Gas will form an alliance with Octopus Energy through its U.K. investment subsidiary. Tokyo Gas will instill a "new customer experience" in the energy business into the Japanese market by speedily offering flexible and easy-to-understand electricity rate* and service menu that is aligned to the wide-range of needs of each customer. The company will also implement the spread and expansion of renewable energies.
*Consider various menus, including a novel rate menu, from the viewpoint of renewable energies.
2. Overview of the U.K. Subsidiary
(1)
Name
Tokyo Gas United Kingdom Ltd. (tentative)
(2)
Headquarters
London, the United Kingdom
(3)
Title and Name of
NAKAMURA Hajime
Representative
(4)
Business Description
Investment in energy-related businesses in Europe
(5)
Capital Contribution
Approx. 20 billion yen (tentative)
(6)
Date of establishment
January 2021 (tentative)
(7)
Major shareholder and
Tokyo Gas 100%
ownership percentage
Capital
Tokyo Gas 100%
(8)
Relationship with Tokyo
Human
Employees from Tokyo Gas will be appointed to the board of
Gas
Resources
directors.
Transaction
N/A
３．Prospective
In January 2021, in addition to establishing a subsidiary in the United Kingdom, Tokyo Gas also plans to sign agreements concerning the investment in Octopus Energy and the establishment of a joint venture company in Japan. The joint venture in Japan is scheduled for establishment in February 2021 and is slated to start operations in autumn of the same year.
Reference: Overview of Octopus Energy
Octopus Energy is a rapidly growing company that possesses expertise in digital technology and electricity retailing, and has secured over 1.8 million customers in around four years in the highly competitive U.K. market.
1
Name
Octopus Energy Group Limited
Headquarters
London, the United Kingdom
CEO
Greg Jackson, Founder & CEO
Establishment
2015
Business
Sale of electricity (100% of which is from renewable sources)
Sale of gas (with part of CO2 emissions offset)
Description
Peripheral energy services (EVs and others)
Number of
Over 1.8 million customers (as of the end of November 2020, including 150,000 contracts involving
Customers
licensing of its system)
2
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Tokyo Gas Co. Ltd. published this content on 23 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2020 04:04:08 UTC
Tokyo Gas Co., Ltd. specializes in production and distribution of natural gas. Net sales break down by activity as follows:
- production and distribution of natural gas (56.9%): 13billion m3 gas distributed in 2019/20;
- electric power distribution (22.4%);
- valves and gas pipes installation services (16.6%);
- real estate leasing (1.2%);
- other (0.5%): energy services, power distribution, natural gas transportation, etc.
The remaining sales (2.4%) are from international activities
TOKYO GAS CO., LTD. 
