UK energy giant Octopus is spinning off software arm Kraken Technologies to speed up its expansion globally, with the AI-powered platform already connected to more than 70m household and business accounts.
It comes amid reports Kraken could seek a stock market listing in London or New York, in the next year. The business could be valued at as much as £11billion.
Kraken was built for use by Octopus but has picked up other utilities clients, such as EDF, Talktalk and National Grid US.
Bosses said Kraken has £369million of committed annual revenues through these deals, quadrupling contracted revenues in the past three years.
Amir Orad, chief executive of Kraken, said: ‘Kraken is now a globally successful business in its own right.
‘It gives us more freedom to invest, expand and serve our utility clients equally.’
AI powered: Octopus’s technology arm Kraken could go public with a stock market listing in London or New York
The move comes amid the continued growth of Octopus, the UK’s largest energy supplier, now serving 7.7m households.
Founder Greg Jackson said: ‘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.’
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