Octopus Energy to spin off Kraken to expand into new energy markets
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The news: Octopus Energy Group will spin off its technology company Kraken to help accelerate the platform’s expansion across the globe.
The numbers: Launched as part of the Octopus Energy Group, Kraken’s AI-powered platform is now contracted to serve over 70 million household and business accounts worldwide.
Octopus became the UK's largest energy supplier earlier this year, now serving over 7.7 million UK households. The group operates in 27 countries.
The context: Octopus, which counts Origin Energy as a major shareholder, said the spin off marks a "major strategic milestone", allowing Kraken to fast-track investments into its technology, expand into new energy markets and regions, and drive innovation.
Kraken is an end-to-end platform for utilities’ digitalisation and transformation, used by the likes of EDF Energy, E.ON Next, Octopus Energy, Origin and Tokyo Gas.
To support the next phase, Kraken has appointed former Asana executive Tim Wan as its new chief financial officer.
What they said: “We set out to create Kraken as a global platform to transform utilities and deliver the innovation, service and value that customers deserve,” said Octopus founder Greg Jackson.
“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.”
