We’re really excited to announce a significant new strategic investment partnership with Osaka Gas Co., Ltd
Today we’re proud to announce that we are receiving a strategic investment of up to £20 million from global integrated utility company Osaka Gas, in exchange for a minority stake in the company.
The investment will accelerate our already rapid growth and help us deliver an even broader range of services and offerings for our customers. It will also fast-track the development of our pioneering home services arm, Igloo Works, aimed at seamlessly reducing how much energy our customers use in their homes.
When we set the company up in 2017, we wanted to disrupt the traditional energy supply model, with a goal focused on actively helping our customers use less. By using smart home technology to track customers’ energy use and deliver clear personalised energy efficiency recommendations, we’ve been doing just that. We’re here to really help our customers understand their usage and to reduce the cost of heating and powering their homes.
Our single tariff (Igloo Pioneer) ensures that customers always have the peace of mind knowing they’re on our best (and only) rate for their area. Having grown rapidly, we now supply over 85,000 residential customers across the UK and have a growing team that we’re proud to say delivers consistently strong customer service ratings across Citizens Advice, Trustpilot and MoneySavingExpert.
Following this success, earlier this year we launched our ground-breaking home services marketplace Igloo Works, to support the roll out of smart thermostats and hybrid heating technology to UK homes. By analysing energy consumption data and understanding how individual homes use energy, Igloo Works provides a bespoke recommendation for the solution that best meets the needs of a home.
Our CEO, Matt Clemow is particularly excited about the impact this investment will have: “Helping customers transition away from fossil fuels to heat their homes is a critical aspect of how we reduce the impact of climate change. As an energy supplier who always puts its customers first, we are in a privileged position to help them do just that. This deal is a strategic investment for Osaka Gas. As 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.”
Heating in UK homes accounts for c.14% of total UK carbon emissions and with a changing climate change policy landscape and the UK targeting Net Zero Carbon by 2050, recent analysis from Policy Connect indicates that if the UK is to meet its climate change goals, over 20,000 homes a week need to switch to low carbon heating between 2025 and 2050. Retrofitting older existing homes delivers significantly greater carbon emissions savings than fitting into new homes but with the variation in the existing housing stock, each home needs a tailored solution.
How will this investment benefit both Osaka Gas and Igloo Energy?
Osaka Gas are experts in successfully rolling out alternative low carbon heating equipment across Japan. They’ll bring a wealth of knowledge to Igloo Energy, and in turn they’ll be able to learn about our proposition and how it might be applicable in their own home market which has recently gone through deregulation and is increasing in competition.
Will my Igloo experience change as a customer?
We hope it will continue to get better! We’ll continue to provide the same great pricing and customer service offerings that we’ve become known for. This strategic partnership allows us to further develop our Igloo Works side of the business so to provide you with even more great services, and innovative features in the future.