Octopus Energy Group will spin-off of its Kraken arm to help accelerate the platform’s expansion across the globe.

Launched as part of the Octopus Energy Group, Kraken’s AI-powered platform is now serves over 70 million household and business accounts worldwide, and Octopus has been signalling its separation for a while.

The move comes as Kraken reaches $500m in committed annual revenue through licensing deals with energy majors such as EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, and Tokyo Gas.

Amir Orad, CEO of Kraken, said: “Octopus has been a phenomenal founding partner and first client. Kraken is now a globally successful business in its own right, operating independently for some time – completing our journey to full independence is a strategic and inevitable next step.”

---