Tokyo Gas Co. said Wednesday it will invest around ¥20 billion ($190 million) in Octopus Energy Group Ltd., paving the way for the emerging British firm to supply renewable electricity in Japan.
Tokyo Gas and Octopus Energy will set up a joint venture in February and start offering services in the fall of 2021 in the country where renewables satisfy only a fraction of total energy needs.
The utility firm aims to create a different brand from Tokyo Gas with the aim of securing a few million customers across Japan in 2030, a company official said.