Energy company Unicorn Octopus separates technology division named Kraken
In a remarkable turn of events, Kraken, the technology arm spun off from Octopus Energy Group, has seen its annual contracted revenues surge to an impressive $500 million. This represents a fourfold increase in just three years, underscoring Kraken's rapid growth and significant impact in the energy sector.
Kraken's core operating platform for utilities processes an astounding 15 billion new data points every day, a testament to its scale and efficiency. The company, which serves over 70 million household and business accounts worldwide, has also signed license agreements with major industry players including EDF, National Grid US, and Tokyo Gas.
Greg Jackson, founder of Octopus Energy Group, has stated that Kraken is on track to serve over 100,000,000 accounts by 2027. This ambitious goal is supported by Octopus Energy's expansion into new markets, with the company now operating in 27 countries and boasting a £7 billion renewables portfolio.
Amir Orad, CEO of Kraken, expressed his gratitude towards Octopus Energy Group, stating that they have been a phenomenal founding partner and first client. He also mentioned that Kraken is now operating independently and has completed its journey to full independence.
Tim Wan, former CFO of US software firm Asana, has been appointed to lead Kraken's financial strategy. This appointment is part of Kraken's spinoff strategy, which aims to give it greater freedom to invest in its technology, expand into new markets and regions, and strengthen its position as a standalone business.
Octopus Energy's rise to becoming the UK's largest energy supplier, serving 7.7 million households, was significantly aided by Kraken. The technology company's fast-growing businesses in EV leasing, heat pumps, and solar are also contributing to a greener and more sustainable future.
Recently, Generation Investment Management and Canada Pension Plan Investment Board (CPP Investments) increased their stakes in Kraken's business, reflecting confidence in the company's potential for continued growth and success.
Despite the spinoff, Kraken remains committed to its mission of positively impacting people around the world and accelerating the energy transition. With its impressive growth trajectory and strong partnerships, Kraken is poised to make a significant impact in the energy sector for years to come.
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