Expand in Japan

We are launching Expand in Japan, a new initiative to support UK companies that want to invest here. The UK and Japan have just signed a first of its kind memorandum of cooperation to enable this, and this will unlock opportunities for UK investors in key sectors aligned with the UK's Industrial Strategy, such as clean energy, life sciences and digital technology. It also supports Japan's ambitious targets to boost investment in strategic sectors. Japan is a fantastic place to do business. It's the world's fourth largest economy and a world-class innovation hub with a strong affinity for UK products and services. Many UK companies are already taking advantage of the opportunities here, with UK-Japan trade worth more than 30 billion pounds per year. I'm here at the World Expo in Osaka. Our strong presence here signifies the UK's commitment to deepening our relationship with Japan. Building on our strong trade and investment relationship through CPTPP, CEPA and our Digital Partnership. If you're a UK investor who's interested in opportunities in Japan, please do get in touch via the link in this post.

Octopus Energy was founded in 2016 and grew rapidly in the UK's energy supply market. The company soon expanded to other markets and in 2020, Octopus Energy entered Japan's dynamic energy sector through a strategic partnership with Tokyo Gas. Together, they launched a joint venture designed to reshape the Japanese energy landscape, which is powered by Octopus Energy's unique Kraken technology platform. We found Tokyo Gas when we were looking for investment to fund our growth back in 2019. That introduction happened fairly late in the day, but it's fair to say that we hit it off immediately, and it's been a very fruitful partnership ever since. Kraken is at the heart of Octopus operations. It automates and optimizes customer service and energy management, and this supports Japan's ambitions towards digital transformation. At that time, we encountered Octopus Energy which had developed a platform called Kraken in the UK and the technology was highly advanced and Tokyo Gas considered whether it could be brought to Japan or ultimately be used to achieve digital transformation which led to the partnership. In Japan, the world's fifth largest energy market, worth over 85 billion pounds.,this technology is transforming how energy is delivered. But the joint venture adopted not just the technology but also Octopus's distinctive branding. Personally, I felt that the anime-style character Constantine would be well received in the Japanese market Japan is known as a haven for anime characters with many regional mascots so although it might not align with the traditional image of the energy industry I believed consumers would accept it. Now that we’ve tried it, the response has been positive. Customers have said, “Constantine is so cute,” so I think the initial decision was the right one. Yeah, Constantine was created by our creative director in London, Peter Miller. Actually, went through a few iterations, but I think we've ended up with, a really, fantastic character or logo in Constantine. The partnership is a fusion of UK innovation and Japanese reliability, and it's working. Today, Octopus Energy is one of the fastest growing new entrants in the market, with ambitious plans for the future. This is a story of technology transfer, investment and collaboration, showing how UK companies can succeed in Japan's complex but rewarding business environment. With the right local partnerships and a clear value proposition, the opportunities in Japan are huge, and Octopus Energy is just one example of how UK innovation is making an impact in Japan.