"Octopus Energy Group has announced it will spin off Kraken, its fast-growing AI-powered technology arm, in a move designed to accelerate its expansion into global energy markets. Kraken, launched within Octopus in 2019, has become one of the most advanced operating systems for utilities worldwide. The platform is now contracted to manage more than 70 million household and business accounts and processes 15 billion new data points every day."
"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. It looks like it'll beat my goal of 100 million accounts by 2027 and can now aim to serve a billion people over the next decade."
Octopus Energy will spin off Kraken to accelerate expansion into global energy markets. Kraken, launched within Octopus in 2019, operates an advanced utility operating system contracted to manage more than 70 million household and business accounts and processes 15 billion new data points every day. Kraken enables flexible pricing, fairer billing, and improved customer service, underpinning Octopus becoming the UK's largest energy supplier with 7.7 million households. Kraken has quadrupled contracted revenue in three years and secured $500 million in committed annual licensing revenues from major utilities. The spin-off will provide Kraken independence and capital to enter new markets and pursue serving up to a billion people over the next decade.
Read at Business Matters
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