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Tokyo Gas to invest 20 billion yen in UK retail energy firm Octopus Energy

·1-min read

TOKYO (Reuters) - Tokyo Gas said on Wednesday it would invest about 20 billion yen ($193 million) in British retail energy firm Octopus Energy and that they would form a joint venture in Japan to supply power to retail customers.

By joining up with Octopus Energy, a fast-growing start-up supplier in home country Britain thanks to its digital technology, Tokyo Gas aims to grab a bigger slice of Japan's electricity market, an official at the Japanese firm said.

Tokyo Gas and Octopus Energy plan to set up the joint venture in Japan in February, and start providing services in autumn 2021.

($1 = 103.4600 yen)

(Reporting by Yuka Obayashi; Editing by Tom Hogue)