Octopus Energy Group Spins Off Kraken Technology Platform to Accelerate Global Expansion

Octopus Energy Group announced the spin-off of its technology company Kraken, a strategic move designed to accelerate the platform's global expansion. The AI-powered Kraken platform is currently contracted to serve 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 foundations. 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, representing a quadrupling of contracted revenue within just three years.

To support this growth phase, Kraken has appointed Tim Wan as its new Chief Financial Officer, bringing experience from US software leader Asana where he spearheaded its successful listing and financial growth. The platform's success is demonstrated by its role in powering Octopus Energy Group's rapid transformation of the UK energy market, where it recently became the largest energy supplier serving over 7.7 million households.

Greg Jackson, Founder of Octopus Energy Group, emphasized the platform's global impact, stating that Kraken is exceeding expectations and aiming to serve a billion people over the next decade. Amir Orad, CEO of Kraken, highlighted that the spin-off provides greater freedom to invest, expand, and serve utility clients equally while maintaining structural clarity for customers, investors, and partners.

Kraken's technology is transforming 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 utility-grade AI capabilities. The company also leads in residential flexibility management, overseeing over 2GW of power from electric vehicles, home batteries, and heat pumps to balance grid demands and reduce consumer costs.

The spin-off enables Kraken to operate as an independent entity while continuing to leverage its cloud-based architecture that has proven adaptable and scalable across multiple verticals. For more information about Kraken's technology platform, visit https://kraken.tech/.