Octopus Energy Group is separating its technology platform, Kraken, into an independent company to accelerate international expansion and product development. Kraken’s AI-powered system is currently contracted to manage more than 70 million household and business accounts worldwide, processing 15 billion new data points daily.
The platform has achieved $500 million in annual contracted revenue, quadrupling in three years through licensing agreements with major energy providers including EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, and Tokyo Gas. The spin-off allows Kraken to focus on technology investments, new markets, and scaling operations while maintaining its utility foundations.
Kraken has appointed Tim Wan as CFO. Wan previously held leadership roles at US software firm Asana, overseeing its public listing and financial growth.
Octopus Energy, powered by Kraken, has reshaped the UK energy sector, now serving over 7.7 million households and operating in 27 countries. Its wider business includes a £7 billion renewables portfolio, electric vehicle leasing, heat pumps, and solar solutions.
Kraken has expanded its capabilities in both residential and commercial energy management, including managing more than 2GW of flexible power from EVs, home batteries, and heat pumps. Its platform aims to reduce operational costs, improve customer service, and support the global energy transition.
