Octopus Energy Group Spins Off Kraken Technology Platform to Accelerate Global Expansion
TL;DR
Octopus Energy's spin-off of Kraken creates a competitive edge by accelerating global expansion and innovation for energy utilities seeking operational efficiency and market leadership.
Kraken's AI-powered platform processes 15 billion data points daily, automating energy supply chains to reduce costs and improve service for over 70 million accounts worldwide.
Kraken's technology advances the global energy transition by enabling cheaper, greener power and improving grid flexibility to create a more sustainable future for communities.
Kraken manages the world's largest virtual power plant with 2GW from EVs and home batteries, balancing grids by charging devices when energy is abundant and green.
Found this article helpful?
Share it with your network and spread the knowledge!
Octopus Energy Group announced the spin-off of its technology company Kraken, a strategic move designed to accelerate the platform's global expansion. Kraken's AI-powered platform currently serves over 70 million household and business accounts worldwide, processing 15 billion new data points daily, making it the world's most advanced data-driven operating system for utilities.
The spin-off represents a significant milestone that will enable Kraken to fast-track technology investments, expand into new energy markets and regions, and drive innovation while maintaining its utility roots. This development comes as Kraken reaches $500 million in committed annual revenue through licensing agreements with major energy companies including EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, and Tokyo Gas—quadrupling its contracted revenue in just three years.
To support this growth phase, Kraken has appointed Tim Wan as its new Chief Financial Officer. Wan brings experience from US software leader Asana, where he spearheaded its successful listing and oversaw its journey to financial success while maintaining focus on product excellence.
Greg Jackson, Founder of Octopus Energy Group, stated that Kraken was created as a global platform to transform utilities and deliver the innovation, service, and value customers deserve. Jackson noted that under CEO Amir Orad's leadership, Kraken is exceeding expectations and aims to serve a billion people over the next decade, surpassing the initial goal of 100 million accounts by 2027.
Amir Orad, CEO of Kraken, emphasized that the spin-off represents a strategic and inevitable next step that provides more freedom to invest, expand, and serve utility clients equally. Orad committed to continuing innovation in cloud technology, advancing utility-grade AI, and harnessing vast amounts of energy and grid data while ensuring structural clarity for customers, investors, and partners. The company aims to accelerate the energy transition and positively impact people worldwide through its technology platform available at https://kraken.tech/.
Kraken's technology transforms utilities worldwide by reducing operational costs, improving customer service and satisfaction, and increasing flexibility and innovation. Recent achievements include developing breakthrough solutions for commercial and industrial customers, signing its first fully integrated US utility client with National Grid, and scaling up its utility-grade AI capabilities.
The company has also emerged as a global leader in residential flexibility, managing over 2GW of power from electric vehicles, home batteries, and heat pumps. This capability helps balance the grid and reduce consumer bills by charging vehicles and heating homes when energy is abundant, inexpensive, and environmentally friendly. The spin-off positions Kraken to further drive the digital transformation of utilities globally while supporting the transition to cleaner, more affordable energy systems.
Curated from citybiz
