Octopus Energy Group is spinning off Kraken, its AI-powered utility platform, into a standalone company. This move aims to accelerate Kraken's global expansion and technological innovation. Kraken's platform manages over 70 million household and business accounts worldwide, processing 15 billion data points daily. The platform has secured $500 million in annual revenue through licensing agreements with major energy firms.
The spin-off allows Kraken to pursue independent investments and expand into new energy markets. Tim Wan, formerly CFO at Asana, has been appointed as Kraken's CFO. Kraken is considering an IPO within a year, potentially valuing the company at $15 billion.
Kraken's technology automates the energy supply chain, enabling flexible pricing, billing, and customer service. The company's AI-driven solutions are used by energy providers such as EDF, E.ON Next, and National Grid US. The spin-off is expected to minimise conflicts of interest and support Kraken's growth as a global technology provider.
