This week, Octopus Energy, the British renewable energy provider founded in 2015, took an exciting step. As a part of it, they are spinning off their innovative utility billing and AI platform, Kraken. Octopus Energy is decidedly shoring up its claim to being the largest energy company in the UK. They’ve managed to expand their revenue base enough to service over 7.7 million UK household customers and an astounding 2.8 million international household customers.
And last year, Octopus Energy realized the incredible potential of Kraken outside of its own operations. This acknowledgment paved the way for the decision to spin off Kraken. CEO Greg Jackson explained that Kraken was initially created as the Turing.co for Octopus Energy’s inaugural offering. The platform utilizes advanced AI models to analyze data from various projects, enabling the company to optimize the integration of increasing amounts of renewable energy into the grid.
Kraken has seen a tremendous amount of adoption with utilities and energy providers. This success has helped bring in a stunning $500 million in committed annual revenue. This hefty financial support has moved the spinoff much further down the road. Consequently, Kraken is now able to act more autonomously and cater to a broader spectrum of clients.
Octopus Energy remains ahead of the pack with its technological innovations. They’ve launched consumer-focused products such as Zero Bills, which enable homeowners to receive zero energy bills for ten years when purchasing fully electrified homes. This program is a great representation of Octopus Energy’s mission to provide renewable energy that is simple, affordable, and fair to everyone.
Just as important, the company’s innovative approach has generated great enthusiasm among customers. Some even offer the opportunity to do dozens of loads of laundry for free each year, with few restrictions. This high-touch service is just one example of how Octopus Energy is devoted to delivering real value to their customers in a sustainable way.
Octopus Energy’s UK customer base has exploded recently. It’s already winning more customers than stiff historical competition such as British Gas, in business for more than 200 years. That rapid growth speaks to the overwhelming demand consumers have for clean, renewable energy options. It recently highlighted the strengths of Octopus Energy’s innovative business model.