Energy giant Octopus to spin off £11bn technology arm Kraken ask it seeks to speed up its
UK energy giant Octopus is spinning off software arm Kraken Technologies to speed up its expansion globally, with the AI-powered platform already connected to more than 70m household and business accounts.
It comes amid reports Kraken could seek a stock market listing in London or New York, in the next year. The business could be valued at as much as £11billion.
Kraken was built for use by Octopus but has picked up other utilities clients, such as EDF, Talktalk and National Grid US.
Bosses said Kraken has £369million of committed annual revenues through these deals, quadrupling contracted revenues in the past three years.
Amir Orad, chief executive of Kraken, said: ‘Kraken is now a globally successful business in its own right.
‘It gives us more freedom to invest, expand and serve our utility clients equally.’
AI powered: Octopus’s technology arm Kraken could go public with a stock market listing in London or New York
The move comes amid the continued growth of Octopus, the UK’s largest energy supplier, now serving 7.7m households.
Founder Greg Jackson said: ‘Kraken is soaring to new heights. I set the embarrassingly low goal of 100m accounts by 2027.
‘It looks like it’ll beat that and can now aim to serve a billion people over the next decade.’
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