Octopus Energy intends to separate its Kraken technology division
Octopus Energy's Tech Arm Kraken Technologies Goes Independent
Octopus Energy, the UK's largest energy supplier with over 7.7 million households under its wing, has announced the spin-off of its tech arm, Kraken Technologies. This move is part of Octopus's continued growth and marks a significant milestone for Kraken Technologies, which is now operating independently.
Kraken Technologies, under the leadership of CEO Amir Orad, has been soaring to new heights and is now a huge and successful company in its own right. The company has quadrupled contracted revenues over the past three years and boasts an impressive client list that includes EDF, E.ON Next, TalkTalk, National Grid US, and its initial client Octopus. Kraken Technologies has also secured 500 million US dollars of committed annual revenues through licensing deals.
The company's commitment to innovation, service, and value is evident in its advancements in the cloud, where it continues to push the boundaries of utility-grade AI and harness vast amounts of energy and grid data. Kraken Technologies' AI-powered platform is now connected to over 70 million household and business accounts globally.
Greg Jackson, founder of Octopus, is proud of Kraken Technologies' success and its growth into a global platform. He initially set a goal for the company to have 100 million accounts by 2027, but it now looks like it will exceed that. Kraken Technologies aims to serve a billion people over the next decade.
In the coming months, Kraken Technologies could go public with a stock market listing in London or New York. While specific details about the exact timing and exchange have not been explicitly stated, the company has announced its plans to go public within the next 12 months. This move is expected to give Kraken Technologies more freedom to invest, expand, and serve utility clients equally.
Kraken Technologies ensures structural clarity for customers, investors, and partners. The company is committed to delivering the innovation, service, and value that customers deserve. As it continues to expand and invest, Kraken Technologies is expected to play a major role in shaping the future of the energy industry.
Greg Jackson expressed his pride in Kraken Technologies' success, saying, "I'm incredibly proud of what Kraken has achieved in the last few years. It's now a world-class platform and I'm excited to see what it can do as an independent company."
With its independent status, Kraken Technologies is well-positioned to continue its rapid growth and make a significant impact in the energy sector. The company's focus on innovation, service, and value is sure to attract more customers and partners in the years to come.
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