To support new growth, Kraken has appointed Tim Wan as CFO in the company.
UK-based energy supplier Octopus Energy Group is spinning off its utilities digitalisation platform Kraken in a demerger which could value the spin-off at $15bn. Last year, the parent company Octopus was valued at $9bn.
Octopus’ current investors are set to receive ownership stakes in the standalone Kraken. The company hired Goldman Sachs to handle the demerger, Sky News reported yesterday (18 September).
The move comes as Kraken quadrupled its contracted revenue in three years, reaching $500m in committed annual revenue through licensing deals with major energy businesses such as National Grid US, Origin Energy, Plenitude and Tokyo Gas.
Launched as part of Octopus Energy Group, Kraken’s AI-powered platform is contracted to provide its services to more than 70m household and business accounts worldwide, said Octopus Energy. According to Octopus, this operating system processes 15bn new data points a day.
To support new growth, Kraken has appointed Tim Wan as chief financial officer (CFO) in the company. Wan was previously CFO at Asana.
“We set out to create Kraken as a global platform to transform utilities and deliver the innovation, service and value that customers deserve. I am so proud that the business is smashing it – and is now such a huge and successful company in its own right,” said Greg Jackson, the founder of October Energy Group.
“Under Amir’s leadership and with a remarkably talented team, Kraken is soaring to new heights. I set the embarrassingly low goal of 100m accounts by 2027. It looks like it’ll beat that and can now aim to serve a billion people over the next decade.”
Amir Orad, the CEO of Kraken said: “[The demerger] gives us more freedom to invest, expand, and serve our utility clients equally.
“We’ll keep pushing innovation in the cloud, advancing our utility-grade AI and harnessing vast amounts of energy and grid data, while ensuring structural clarity for customers, investors and partners.”
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