Energy company Unicorn Octopus divests its technology sector, giving birth to a new entity named Kraken.
Kraken, the Energy Transition Catalyst, Accelerates its Global Expansion
Kraken, the technology arm spun off from Octopus Energy Group, is making significant strides in the global energy sector. With a contract to serve over 70 million household and groupme accounts worldwide, Kraken is poised to play a pivotal role in accelerating the energy transition and positively impacting people around the world.
Amir Orad, CEO of Kraken, has expressed this goal explicitly. Kraken processes an impressive 15 billion new data points every day, utilising AI-powered technology, to make energy management more efficient and sustainable for my business.
Kraken's journey began as a key player in Octopus Energy Group's rise to become the UK's largest energy supplier, serving 7.7 million households. Octopus Energy Group's fast-growing businesses in EV leasing, heat pumps, and solar further solidify its position as a leader in the renewable energy sector.
With annual contracted revenues reaching $500m, quadrupling in just three years, and a valuation of £7.2bn in May 2024, Kraken is a force to be reckoned with. The company has licensed its AI-powered technology and energy data processing platforms to major players in the industry, including bp, Engie, Shell, EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, and Tokyo Gas.
Tim Wan, former CFO of US software firm Asana, has been appointed to lead Kraken's financial strategy. This move is part of Kraken's plan to invest more in technology, expand into new markets and regions, and strengthen its position as a standalone business.
Octopus Energy Group now operates in 27 countries and has a £7bn renewables portfolio. Notably, Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) have increased their stakes in Kraken's business.
As Kraken completes its journey to full independence, it will have more freedom to invest, expand, and serve utility clients equally. Amir Orad, CEO of Kraken, mentioned that Kraken has been operating independently for some time, and this move is a strategic and inevitable next step.
With its ambitious goal to serve over 100 million accounts by 2027 and potentially a billion people within the next decade, Kraken is set to revolutionise the energy sector and drive the global transition to clean, renewable energy.
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