Octopus Energy Group said it is partnering with China’s PCG Power to establish a new company, Bitong Energy, which will trade renewable energy on the Chinese electricity market. The joint venture was announced during British Prime Minister Keir Starmer’s visit to Beijing in the last week of January.
Bitong Energy will combine PCG Power’s experience in commercial and industrial renewable energy with Octopus Energy’s technology for green energy trading and optimization. The company aims to trade up to 140 TWh of renewable energy annually by 2030, with expected profits of around GBP50 million ($68.7 million) per year, half of which will return to the UK.
The venture will launch in Guangdong Province, China’s top spot market, and expand nationwide as more regions open up. Octopus Energy said in an online statement that it will deploy its software to optimize the performance of batteries and renewable generation.
China’s electricity demand is expected to rise by about a third over the next five years, with government mandates requiring at least 10% of electricity to be traded on spot markets this year, Octopus Energy said.
The Chinese joint venture follows previous partnerships and capital commitments that have supported the UK energy supplier’s expansion beyond its retail offering into energy software and clean energy infrastructure. Recent transactions in Europe and the United Kingdom demonstrate the company’s commitment to combining proprietary technology with institutional capital and industry partners.
In July 2025, UK pension provider Smart Pension committed GBP 330 million to two clean energy funds managed by Octopus Energy Generation, focusing on sustainable energy projects and energy transition technologies in the UK. The allocation includes funding for the UK’s first investor-funded ground source heat pump network.
And in September, South Korea’s LG Electronics announced plans to integrate its high-efficiency heat pumps with Octopus Energy’s AI-powered Kraken energy software platform for key European markets including the United Kingdom and Germany. The collaboration aims to optimize home heating and cooling by connecting heat pumps to Kraken’s grid-responsive controls to reduce energy costs and improve the integration of renewable energy sources.
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