In a significant corporate restructuring move, UK-based Octopus Energy Group has announced the spin-off of its utilities digitalization platform, Kraken Technologies. The demerger, which could value Kraken at approximately $15 billion, comes as the platform demonstrates exceptional growth and market potential.
Explosive Growth and Market Position
Kraken has quadrupled its contracted revenue over the past three years, reaching an impressive $500 million in committed annual revenue. This growth has been driven by licensing deals with major energy businesses worldwide, including National Grid US, Origin Energy, Plenitude, and Tokyo Gas.
Platform Capabilities and Reach
The AI-powered Kraken platform is currently contracted to serve more than 70 million household and business accounts globally. According to Octopus Energy, the operating system processes an astonishing 15 billion new data points daily, making it one of the most sophisticated energy management platforms in the world.
Leadership and Strategic Appointments
To support its continued expansion, Kraken has appointed Tim Wan as Chief Financial Officer. Wan brings valuable experience from his previous role as CFO at Asana, positioning Kraken for its next phase of growth as an independent entity.
Executive Vision and Future Goals
Greg Jackson, founder of Octopus Energy Group, expressed pride in Kraken's success, noting that the platform is likely to exceed its goal of 100 million accounts by 2027. Looking further ahead, Jackson suggested Kraken could aim to serve a billion people over the next decade.
Strategic Independence and Innovation
CEO Amir Orad emphasized that the demerger will provide Kraken with greater freedom to invest, expand, and serve utility clients more effectively. The company plans to continue pushing innovation in cloud technology, advancing its utility-grade AI capabilities, and harnessing vast amounts of energy and grid data while ensuring structural clarity for customers, investors, and partners.
