Octopus Energy Spins Off Kraken Utility Billing and AI Platform

Octopus Energy, a prominent player in the renewable energy sector, recently announced the spin-off of its Kraken utility billing and AI platform. This strategic move aims to further develop and expand Kraken’s capabilities as a standalone entity.

What is Kraken?

Kraken is not just a billing system; it’s an advanced technology platform leveraging AI and machine learning to optimize energy distribution, customer service, and overall utility operations. Octopus Energy built Kraken to manage its own rapidly growing customer base, and now licenses it to other energy providers globally.

Key Features of the Kraken Platform:

• AI-Driven Optimization: Kraken uses AI to predict energy demand and optimize grid management.
• Automated Billing: The platform automates billing processes, reducing errors and improving efficiency.
• Customer Engagement: Kraken provides tools for personalized customer communication and service.
• Data Analytics: The platform offers in-depth data analytics for better decision-making.

Why the Spin-Off?

Octopus Energy believes that spinning off Kraken will allow it to innovate faster and serve a wider range of clients. As a standalone entity, Kraken can focus on developing new features and integrations without being tied to Octopus Energy’s specific needs.

Benefits of the Spin-Off:

• Increased Innovation: A dedicated team can focus solely on Kraken’s development.
• Wider Market Reach: Kraken can serve utilities beyond the energy sector.
• Strategic Partnerships: The spin-off allows for easier collaboration with other technology companies.
• Investment Opportunities: Kraken can attract investment to fuel its growth.