Kraken Energy is split off from Octopus Energy, under the leadership of Greg Jackson.
In a significant news, Octopus Energy has announced the spin-off of its technology arm, Kraken, to become a standalone business. This decision aims to accelerate Kraken's global expansion and enable faster investments into its innovative technology.
The move comes as Octopus Energy's global workforce has surged from 4,800 to 8,500 during the same period, with its non-UK retail customer base tripling to 1.2 million. However, the company's revenue for the same period dipped slightly from £12.54bn to £12.4bn.
Kraken, renowned for its AI-powered platform, is contracted to serve over 70 million household and business accounts worldwide. The spin-off will give Kraken more freedom to invest and expand into new energy markets and regions, with the goal of exceeding the set target of 100 million accounts by 2027.
Amir, the leader of Kraken, has been praised for leading a remarkably talented team. Tim Wan has been named as Kraken's new chief financial officer as part of the spin-off.
Notably, Octopus Energy Group has since become the UK's largest energy supplier, serving over 7.7 million UK households. Kraken, with its annual revenue of $500m through licensing deals with various companies, will continue to contribute to this success.
Despite the spin-off, Greg Jackson, the founder of Octopus Energy Group, remains ambitious for Kraken's future. He has set a goal for Kraken to serve a billion people over the next decade. The spin-off process was initiated last year and is expected to continue into 2025, with the potential for Kraken to go public in the future.
Octopus Energy Group has also taken on an additional £74m in costs to keep customer bills lower during the energy crisis and support those in need. The company's net profit for the 12 months ending April 2024 was £83m, a decrease from the £203m profit in the previous year.
The spin-off is a testament to Octopus Energy's commitment to innovation and growth, as well as its dedication to serving its customers. As Kraken embarks on its new journey, it is poised to make a significant impact in the global energy sector.
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