- Global energy giant to split off cutting-edge tech business into a standalone company
- Comes as Kraken reaches contracted annual revenue of $500m, growing 4x in 3 years
- Tim Wan appointed as new CFO, joining Kraken from US software leader Asana
LONDON & NEW YORK–(BUSINESS WIRE)–Octopus Energy Group today announces the spin-off of its world-leading technology company, Kraken, in a move aimed at speeding up the platform’s expansion across the globe.
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. It has grown into the world’s most advanced and proven data-driven operating system for utilities, processing 15 billion new data points a day.
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 – all while building on its utility roots.
The move comes as Kraken reaches $500 million in committed annual revenue through licensing deals with energy majors such as EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, and Tokyo Gas – quadrupling its contracted revenue in just three years.
To support this next phase, Kraken has appointed Tim Wan as its new CFO. Tim brings experience from US software leader Asana, where he spearheaded its successful listing and oversaw its journey to financial success and industry leadership whilst maintaining absolute focus on delivering an outstanding product for its customers.
Powered by Kraken, Octopus Energy Group rapidly reshaped the UK energy market with fair pricing, innovation and a relentless focus on customer service. Earlier this year, it became the UK’s largest energy supplier, now serving over 7.7 million UK households.
A globally leading energy and tech group, Octopus now operates in 27 countries – with 2.8 million more customers across its rapidly growing retail businesses in France, Germany, Italy, Spain and Japan; a £7 billion renewables portfolio; and thriving EV leasing, heat pump, and solar businesses.
Greg Jackson, Founder of the 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.
“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.”
Amir Orad, CEO of Kraken, said: “Octopus has been a phenomenal founding partner and first client. Kraken is now a globally successful business in its own right, operating independently for some time – completing our journey to full independence is a strategic and inevitable next step.
“It gives us more freedom to invest, expand, and serve our utility clients equally. We’ll keep pushing innovation in the cloud, advancing our utility-grade AI and harnessing vast amounts of energy and grid data, while ensuring structural clarity for customers, investors, and partners. We are aiming to accelerate the energy transition and positively impact people around the world. This is an exciting next chapter for Kraken.”
Kraken is transforming utilities worldwide by reducing cost to serve, improving customer service and happiness, and increasing flexibility and innovation. Recent highlights include a breakthrough solution for serving commercial and industrial customers, signing its first fully integrated US utility client with National Grid, and scaling up Kraken’s utility-grade AI.
The company is also a global leader in residential flexibility, managing over 2GW of power from EVs, home batteries and heat pumps – balancing the grid and bringing down bills by charging cars and heating homes when energy is abundant, cheap and green.
Notes to editors
About Octopus Energy Group
Octopus Energy is a global clean energy and technology business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting-edge energy products to almost 10 million households globally.
The company is driving the electrification of heat and transport through smart tariffs and innovative clean tech, with operations spanning 27 countries and the entire energy value chain. It operates a £7 billion renewables portfolio as well as thriving EV leasing, heat pump, and solar businesses.
Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.
For more information, check out our website.
About Kraken
Kraken is the world’s only proven, end-to-end platform for utilities’ digitalization and transformation, trusted by global energy giants like EDF Energy, E.ON Next, Octopus Energy, Origin and Tokyo Gas.
Headquartered in London and New York, Kraken is contracted to manage over 70 million customer accounts, as well as the world’s largest virtual power plant of residential assets, and Europe’s largest grid-scale battery.
The platform’s advanced data, AI and machine learning capabilities automate much of the energy supply chain to allow outstanding service and efficiency. These advances have redefined the utilities sector, driving a 30-fold increase in new product innovations for partners, top consumer rankings and hundreds of millions of dollars in operational savings.
Kraken’s cloud-based architecture is uniquely adaptable and scalable, proven by an unparalleled track record in seamless, extremely fast on-time migrations and enabling its successful expansion into water and other verticals.
Contacts
Press Contacts
Octopus Energy Group
[email protected]
+44 (0)20 4530 8369
Kraken
[email protected]
+44 7437 580150
