Kraken Energy: Greg Jackson’s New Venture from Octopus
- * Kraken Spin-Off: Octopus Energy is spinning off its technology arm, Kraken, into a standalone business to accelerate its global expansion and investment in technology.
- In essence, this move positions kraken to operate more independently and aggressively pursue growth opportunities in the global energy technology market.
Octopus Energy Spins Off Technology Arm Kraken as Standalone Business
Here’s a summary of the article:
Key takeaways:
* Kraken Spin-Off: Octopus Energy is spinning off its technology arm, Kraken, into a standalone business to accelerate its global expansion and investment in technology.
* Kraken’s Success: Kraken boasts $500m in annual revenue from licensing deals with major energy companies (EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, Tokyo Gas) and currently serves over 70 million household and business accounts worldwide.
* New CFO: Tim Wan has been appointed as Kraken’s new Chief Financial Officer.
* Octopus Energy’s Growth: Octopus Energy is now the UK’s largest energy supplier, serving over 7.7 million UK households.
* Enterprising Goals: Greg Jackson (founder of octopus Energy) initially aimed for 100 million accounts by 2027, but now believes Kraken can surpass that and aim to serve a billion people in the next decade.
* Increased Independence: Kraken has been operating independently for some time, and this move formalizes that independence, allowing for greater freedom to invest and expand.
* Focus on Innovation: Kraken will continue to focus on cloud innovation,AI,and utilizing energy and grid data to accelerate the energy transition.
In essence, this move positions kraken to operate more independently and aggressively pursue growth opportunities in the global energy technology market.