Igloo Energy has announced a strategic investment partnership with Osaka Gas Co. that will help to accelerate its growth and fast-track it’s home services arm, Igloo Works.
The partnership will take the form of an investment of up to £20 million that will see the Japanese gas company become a minority stakeholder in Southampton-based Igloo.
The company specialises in smart technology, with a focus on increasing energy efficiency for its consumers. Started in 2017, it now has 85,000 customers, and is working to continue its expansion.
Igloo Works was launched earlier in 2019, with the aim of supporting the roll out of smart thermostats and hybrid heating technology to UK homes.
Matt Clemow, Igloo’s CEO said it was “critical” to move people away from fossil fuels for heating in order to tackle climate change.
“Osaka Gas is one of the world’s largest installers of domestic combined heat and power (mCHP) 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.”
Decarbonising heat for UK homes remains a big challenge, producing c.14% of the country’s total carbon emissions. As such, over 20,000 homes a week need to switch to low carbon heating between 2025 and 2050 if the net zero targets is to be met, Igloo said.
Earlier this year, Igloo also trialed a new smartphone app in an effort to reduce emissions. It claimed that the app could reduce electric vehicle charging emissions by as much as 20%.