#United Kingdom #Kraken #Octopus Energy #Greg Jackson #London/New York

Octopus Energy Group Spins Off Kraken: A Strategic Move for Innovation

On September 18, 2025, in a significant development in the energy sector, Octopus Energy Group declared the spinoff of its tech arm, Kraken, which is now poised to operate as an independent entity. This strategic decision is aimed at accelerating Kraken's global operations and enhancing its market presence.

Originally launched within Octopus Energy Group, Kraken has transformed into a cutting-edge platform, currently managing over 70 million household and corporate accounts worldwide. With the capability to process 15 billion new data points daily, Kraken has evolved into the most advanced and proven data-driven operating system in the utility sector.

This spinoff represents a major milestone for Kraken, enabling faster investments in technology, opportunities for expansion into new energy markets and regions, and a drive for innovation, all while continuing to build on its strong foundation as a utility.

The timing of this announcement is remarkable as Kraken has recently reached an annual contract revenue of $500 million through licensing agreements with major energy players like EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, and Tokyo Gas. Notably, Kraken's revenue has skyrocketed, quadrupling within just three years.

To support this next phase of growth, Kraken appointed Tim Wan as its new CFO. Wan, previously with Asana, led the company to a successful IPO and is known for his focus on delivering exceptional products and financial success, positioning companies as industry leaders.

Backed by Kraken's technology, Octopus Energy Group has rapidly transformed the UK energy market through fair pricing, innovation, and dedicated customer service. In fact, just this year, it became the largest energy retailer in the UK, supplying power to over 7.7 million households.

Currently, Octopus Energy operates in 27 countries globally, boasting over 2.8 million customers across retail operations in France, Germany, Italy, Spain, and Japan. Additionally, it has developed a substantial renewable energy portfolio valued at £7 billion, and is actively involved in EV leasing, heat pumps, and solar ventures.

In a statement, Greg Jackson, Founder and CEO of Octopus Energy Group, expressed pride in Kraken's growth into a global platform, committed to transforming utilities and delivering appropriate innovations, services, and value to customers. Jackson mentioned an ambitious target of one billion accounts by 2037, forecasting rapid progress towards this goal.

Amir Orad, CEO of Kraken, commented on the significance of this spinoff, citing Octopus as a remarkable founding partner and first customer. He emphasized that Kraken's full independence is a strategic necessity, providing greater flexibility to invest, expand, and deliver fair services to utility customers.

Kraken aims to leverage cloud innovation and advance utility-grade AI by harnessing vast energy and grid data, thus creating clarity for customers, investors, and partners. With the spinoff, Kraken embraces challenges ahead while focusing on transforming utilities by reducing service costs, enhancing customer satisfaction, and broadening flexibility and innovation.

Recent achievements by Kraken include developing new solutions for commercial and industrial customers, capturing the first integrated utility customers in the U.S. in collaboration with National Grid, and scaling up utility-grade AI capabilities.

Moreover, Kraken manages over 2 GW of residential distributed energy resources, which include EVs, home batteries, and heat pumps. By charging and heating during abundant and cost-effective energy periods, it helps balance the power grid and reduce electricity costs.

About Octopus Energy Group

Octopus Energy is a pioneering global clean energy tech company leading the charge toward affordable and green next-generation energy systems. Through its brand 'Octopus', it offers world-class customer service and advanced energy products to approximately 10 million households worldwide. It promotes electrification of heat and mobility using smart pricing plans and innovative clean-tech.

Its operations span 27 countries and cover the entire energy value chain, managing a renewable energy portfolio estimated at £7 billion. Supported by pension funds, investors, and major energy players, it aims to provide more affordable and greener power to customers worldwide.

For more information, visit the official website: Octopus Energy Group.

About Kraken

Kraken is the world’s only proven end-to-end platform enabling the digital transformation of utilities. Supported by major energy companies such as EDF, E.ON Next, Octopus Energy, Origin, and Tokyo Gas, Kraken manages over 70 million customer accounts worldwide and operates Europe’s largest grid-scale battery storage and the world’s largest home virtual power plant.

Utilizing advanced capabilities in data, AI, and machine learning, Kraken automates much of the energy supply chain to achieve outstanding service and efficiency, redefining the utility sector. This innovation has led to exponential growth in new product developments across partner organizations, improved consumer rankings, and billions in operational efficiencies.

With a flexible and scalable cloud-based architecture, Kraken is known for rapid and seamless transitions, allowing for potential deployments in other industries like water services.

For detailed information, visit: Kraken Tech.