Mitsui Invests in Power and Gas Supplier Tonik Energy

Source Press
Company Mitsui & Co., Ltd. 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date February 12, 2019

() Mitsui & Co., Ltd. ('Mitsui', Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) has invested in Tonik Energy ('Tonik'), a renewable and zero-carbon electricity and gas supplier in the UK, through holding company Retig Limited ('Retig') which owns 100% of Tonik. Mitsui has invested approximately GBP 10 million (1.4 billion yen).

Tonik is an independent emerging energy retail company in the UK aiming to be a provider of next generation clean energy. The company supplies green power and integrated services, and has gained approximately 100,000 residential customers across the UK in the two years since its launch. Tonik is also developing value-added integrated services together with The Phoenix Works, another wholly owned subsidiary of Retig which provides distributed generation and EV charger solutions. Mitsui has been engaged for many years in the expansion of new and innovative powerbusinesses globally, and will leverage this global network and know-how to support Tonik's growth and its development of new and clean energy offerings.

In the power and energy sector, the three trends of Decarbonization, Decentralization, and Digitalization (known as '3D Mega Trends') are progressing rapidly and driving increasing demand for distributed power sources such as solar power and battery storage, as well as EV charging infrastructure and energy management. The UK is at the forefront of these trends due to early power-market liberalization in the 1990s, meaning energy suppliers there provide some of the most advanced services to their customers. Through the cutting-edge expertise acquired through this investment, Mitsui will continue to expand its global downstream business and services in gas and powersector.

While maintaining its foundation in the large-scale IPP business, Mitsui is proactively working to develop and expand new business considering the 3D Mega Trends to contribute to a more environmentally friendly society.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd