"British renewable energy provider Octopus Energy said this week that it's spinning off Kraken, its tech platform for utilities, spurred in part by $500 million in committed annual revenue from other utilities and energy providers. An eventual Kraken IPO could be valued at $15 billion and could occur within a year, according to The Wall Street Journal. Kraken was actually the company's initial product, according to Octopus CEO Greg Jackson."
"Part of that growth has stemmed from creative marketing and customer acquisition strategies. One, called Zero Bills, allowed homeowners to eliminate their energy bills for a decade if they bought properties that were entirely electrified. Another, a tariff it calls Agile, encourages customers to shift their electricity use to times when there's a surplus on the grid. In some cases, consumers can run loads of laundry for free."
"As Octopus gathered data from those projects, it used AI models built into Kraken to sift through it to determine how increasing amounts of renewable energy can work on the grid. For utilities and power providers, Kraken allows them to call on power sources when needed, including renewables, solar, and so-called distributed energy resources, which include EV chargers, smart thermostats, and home batteries. It has also built a customer management system that covers everything from billing, meter management, and customer relations."
Octopus Energy is spinning off Kraken, its utilities technology platform, after securing $500 million in committed annual revenue from other utilities and energy providers. Kraken originated as Octopus's initial product and served as a demo client while Octopus grew to supply over 7.7 million UK households and 2.8 million internationally. The spinoff is intended to reduce conflicts of interest as Kraken signs deals beyond Octopus. Octopus used creative tariffs like Zero Bills and Agile to acquire customers and collect operational data. AI models in Kraken analyze that data to optimize renewable integration and manage billing, meters, and customer relations.
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