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UK must work with China on energy tech or risk being left behind.
Summary
Octopus Energy founder Greg Jackson said the UK should work with China to access renewable technology, after Octopus agreed a joint venture with Chinese firm PCG Power and plans to import wind turbine technology that the company says could be cheaper and create jobs.
Content
Octopus Energy's founder Greg Jackson said the UK must work with China on energy technology or risk falling behind. He made the remarks after joining the UK delegation to China with the Prime Minister and following recent deals between Octopus and Chinese firms. Octopus has moved to expand into China through a joint venture and has also discussed importing Chinese wind turbine technology for UK projects. Company statements emphasise potential cost savings and job creation alongside a stated focus on security.
Key points:
- Greg Jackson said China is leading in areas of technology and renewables and warned the UK could be left behind without engagement.
- Octopus struck a joint venture with Chinese firm PCG Power to expand into China and trade renewable energy in that market.
- The company has earlier cooperation with Ming Yang Smart Energy and says the Chinese turbine technology is around 30% cheaper than European alternatives.
- Octopus said it hopes to begin bringing turbine technology to the UK within the next couple of years and aims to create jobs related to production.
- Jackson said security would be the firm's "number one priority" and that work should proceed within appropriate security frameworks; the government also invested £25 million into Octopus's Kraken platform ahead of a planned spin-out.
Summary:
Jackson argues that access to Chinese renewable technology could lower costs and support jobs while the company says it will prioritise security as it pursues partnerships. Octopus hopes to start importing turbine technology within a couple of years and is expanding its China ties while preparing the Kraken division for a spin-out. How these developments proceed will be shaped by trade and security arrangements.
