Octopus Energy spins off its Kraken utility billing and AI platform

Octopus Energy, a prominent British renewable energy provider, has announced the spin-off of its Kraken utility billing and AI platform. Kraken, which has a committed annual revenue of $500 million, has been a significant part of Octopus Energy's operations. The spin-off of Kraken is seen as a strategic move, as it could potentially lead to a massive initial public offering (IPO) in the future. Kraken is a sophisticated platform that utilizes AI and automation to streamline utility billing and customer management processes. By separating Kraken into a standalone entity, Octopus Energy aims to unlock the platform's full potential and capitalize on the growing demand for advanced energy management solutions. This move is expected to provide Kraken with greater operational and financial independence, allowing it to focus on its own growth and development. The spin-off is a testament to the success and value of Kraken, which has become a key component of Octopus Energy's operations. This decision highlights the company's commitment to innovation and its ability to identify and nurture promising technologies within its business.