London-based Octopus Energy Group (OEG) announced the spin-off of its technology company — Kraken.
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Greg Jackson, Founder of the Octopus Energy Group, says, “We set out to create Kraken as a global platform to transform utilities and deliver the innovation, service and value that customers deserve. I am so proud that the business is smashing it – and is now such a huge and successful company in its own right.”
“Under Amir’s leadership and with a remarkably talented team, Kraken is soaring to new heights. I set the embarrassingly low goal of 100,000,000 accounts by 2027. It looks like it’ll beat that and can now aim to serve a billion people over the next decade,” adds Jackson.
Manages 70M customer accounts
Launched as part of the Octopus Energy Group, Kraken is the world’s only proven, end-to-end platform for utilities’ digitalisation and transformation.
It is used by companies such as EDF Energy, E.ON Next, Octopus Energy, Origin, and Tokyo Gas.
Headquartered in London and New York, Kraken manages more than 70 million customer accounts and operates the largest virtual power plant for residential resources globally, along with Europe’s largest grid-scale battery.
The platform employs advanced data analysis, artificial intelligence, and machine learning to improve the energy supply chain, enhancing service and efficiency.
These technological improvements have led to a significant increase in new product offerings, higher customer satisfaction, and notable operational savings in the utilities sector.
Kraken’s cloud-based system is adaptable and scalable, with a strong history of successful and rapid migrations, and has expanded into water and other industries.
Fast-track investments
The spin-off marks a major strategic milestone, allowing Kraken to fast-track investments into its technology and expand into new energy markets and regions.
The move comes as Kraken reaches $500M in committed annual revenue through licensing deals with energy majors such as EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, and Tokyo Gas.
As a result, the company has quadrupled its contracted revenue in just three years.
To support this next phase, Kraken has appointed Tim Wan as its new CFO.
Tim brings experience from US software leader Asana, where he spearheaded its successful listing and oversaw its journey to financial success and industry leadership whilst maintaining absolute focus on delivering an outstanding product for its customers.
Amir Orad, CEO of Kraken, says, “Octopus has been a phenomenal founding partner and first client. Kraken is now a globally successful business in its own right, operating independently for some time – completing our journey to full independence is a strategic and inevitable next step.”
“It gives us more freedom to invest, expand, and serve our utility clients equally. We’ll keep pushing innovation in the cloud, advancing our utility-grade AI and harnessing vast amounts of energy and grid data, while ensuring structural clarity for customers, investors, and partners. We are aiming to accelerate the energy transition and positively impact people around the world. This is an exciting next chapter for Kraken,” adds Orad.
