Octopus Energy Splits its Kraken Utility Billing and AI Platform

Octopus Energy is spinning off its tech platform Kraken, which is driven by $500 million in annual revenue from external utilities and may be conducting an IPO within a year, with a valuation of $15 billion. Originally developed as Octopus’ demonstration platform, Kraken currently serves 7.7 million households in the UK and 2.8 million households worldwide. The divestiture is intended to avoid conflicts in Kraken’s expansion of partnerships outside Octopus. The platform utilizes artificial intelligence to optimize renewable energy integration and provides utilities with flexible power procurement and comprehensive customer management.