Octopus Energy has announced a new partnership with the Japanese utility Tokyo Gas (TG).

The partners will work together to launch a joint venture (JV) aimed at introducing the Octopus Energy brand in Japan.

The TG Octopus Energy JV, which will be set up in February and start operations in autumn, will provide 100% renewable electricity in addition to other services.

Under the terms of the deal, Tokyo Gas will also buy a 9.7% stake in Octopus Energy for $200 million (£146m).

According to the figures, renewables in Japan accounted for 18.9% of electricity in 2019.

The country recently set a target of reaching net zero by 2050.

Octopus Energy, Founder and Chief Executive Officer Greg Jackson said: “This joint venture will bring our exciting approach to renewable energy and technology to the world’s largest competitive energy market, and the investment will turbocharge our mission to revolutionise energy globally.”