The investment paves the way for Kraken to separate from Octopus Energy, potentially leading to 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 was being considered "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 by allowing companies to reward customers for reducing their usage during peak times. This capability helps to balance energy grids and reduce strain during periods of high demand.
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, demonstrating its widespread adoption and impact on the energy sector.
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 and innovation in the energy technology space. The move reflects a growing trend of energy companies leveraging technology to improve efficiency, customer service, and grid management.
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