LG Electronics partners with Britain's Octopus Energy to push heat pumps in Europe

LG Electronics overseas sales head Yoon Tae-bong left and Octopus Energy CEO and founder Greg Jackson pose for a photo during the MOU signing ceremony on July 28 Courtesy of LG Electronics — LG Electronics overseas sales head Yoon Tae-bong, left, and Octopus Energy CEO and founder Greg Jackson pose for a photo during the MOU signing ceremony on July 28. Courtesy of LG Electronics

SEOUL, September 02 (AJP) - LG Electronics said Tuesday it had signed an agreement with Octopus Energy, Britain’s largest electricity supplier, to expand clean technology solutions in European markets.

The memorandum of understanding, signed last week, calls for combining LG’s heat pump systems with Octopus’s artificial-intelligence energy management platform, known as Kraken.

The companies plan to roll out the integrated offering in Britain, Germany and other major European markets, targeting households looking for more affordable heating options amid volatile energy prices.

Founded in 2016, Octopus has grown rapidly into a multinational company operating in more than 30 countries. Its Kraken platform, which manages real-time renewable energy pricing and distribution, now serves about 10 million customers.

The firm has also been a vocal proponent of replacing traditional gas boilers with heat pumps as part of Europe’s efforts to cut carbon emissions.

LG said its heat pump systems use waste heat and untapped thermal sources to reduce reliance on fossil fuels. The company’s technology incorporates inverter scroll compressors designed to improve efficiency, durability and stability.

Greg Jackson, Octopus Energy’s chief executive and founder, said in a press release the partnership would help consumers cut heating costs while reducing environmental impact.

Yoon Tae-bong, who oversees global sales at LG Electronics, said the collaboration would accelerate the company’s clean technology growth in Europe and create new opportunities in the sustainable energy market.

Candice Kim candicekim1121@ajupress.com