The investment paves the way for Kraken to separate from Octopus and potentially pursue an initial public offering (IPO) in the future. Octopus founder and chief executive Greg Jackson told the BBC that there was "every chance" Kraken would list its shares "in the medium term," adding that the location of the flotation would be "between London and the US."
Kraken Technologies utilizes artificial intelligence to automate customer service and billing processes for energy companies. The platform also manages energy consumption patterns, rewarding customers for reducing their usage during peak demand times. This capability allows utilities to optimize grid management and incentivize energy conservation.
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. Currently, the platform manages 70 million household and business accounts globally.
The majority of the $1 billion investment will be used to further develop and expand Kraken's technological capabilities and market reach. The spin-off is expected to allow Kraken to operate with greater autonomy and attract further investment, accelerating its growth in the competitive energy technology sector. The move reflects a growing trend of energy companies leveraging AI and data analytics to improve efficiency and customer experience.
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