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 is designed to optimize energy consumption by managing when customers use energy and rewarding them for reducing usage during peak demand periods. This capability is increasingly important as energy grids become more complex with the integration of renewable energy sources.
Initially developed for internal use by Octopus Energy, Kraken has 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 scalability and adaptability across different markets.
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 talent and investment specific to its technology focus. The move reflects a growing trend among energy companies to leverage technology and data to improve efficiency and customer experience.
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