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Investing.com -- Octopus Energy Group said on Thursday it will spin off its technology company Kraken into a standalone entity to accelerate the platform’s global expansion.
Kraken, an AI-powered platform that serves over 70 million household and business accounts worldwide, has reached $500 million in committed annual revenue through licensing deals with major energy companies including EDF, E.ON Next, and National Grid US.
The technology processes 15 billion new data points daily and has established itself as a leading operating system for utilities globally.
To support its next growth phase, Kraken has appointed Tim Wan as CFO. Wan joins from US software company Asana, where he led the company’s listing and financial development.
Greg Jackson, Founder of Octopus Energy Group, said: "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."
Amir Orad, CEO of Kraken, added that the spin-off "gives us more freedom to invest, expand, and serve our utility clients equally."
Octopus Energy Group has grown into a major global energy player operating in 27 countries. Earlier this year, it became the UK’s largest energy supplier with over 7.7 million UK households. The company also maintains a £7 billion renewables portfolio and businesses in EV leasing, heat pumps, and solar energy.
Kraken has recently expanded its capabilities with solutions for commercial and industrial customers and signed its first fully integrated US utility client with National Grid. The company also manages over 2GW of power from EVs, home batteries and heat pumps to balance the grid and reduce costs.