The investment paves the way for Kraken to be demerged from Octopus, potentially leading to a future stock market flotation. Octopus founder and chief executive Greg Jackson told the BBC that there was "every chance" Kraken would list its shares "in the medium term," suggesting a location for the flotation would be considered "between London and the US."
Kraken Technologies utilizes artificial intelligence to automate customer service and billing processes for energy companies. The platform is also designed to manage energy consumption patterns, offering rewards to customers who reduce their usage during peak demand times. This capability allows utilities to better balance the grid and reduce strain during periods of high electricity use.
Initially developed for internal use by Octopus Energy, Kraken has since expanded its client base to include other major utilities such as EDF, E.On Next, TalkTalk, and National Grid US. The platform currently manages 70 million household and business accounts globally, showcasing its widespread adoption and impact on the energy sector.
The majority of the $1 billion investment will be used to further develop the Kraken platform and expand its reach to new markets. The spin-off is expected to allow Kraken to operate more independently and pursue its own strategic initiatives, potentially accelerating its growth and innovation in the energy technology space. The move reflects a growing trend of energy companies investing in and leveraging technology to improve efficiency, customer service, and grid management.
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