Octopus Energy have found great success in the energy industry by taking the rule book and ripping it up.
I don’t mean literally (Ofgem would likely have a few words to say), but it does seem as if they can do no wrong at the moment.
A large part of their success is down to Kraken, technology developed by Kraken Technologies/Octopus Energy. It is so unlike anything ever seen before and it just keeps getting better and better.
Keep reading to find out a little more about Kraken and Kraken Technologies – and how they all fit together with Octopus Energy.
What is Kraken?
Kraken is Octopus Energy’s proprietary technology.
Simply put (not really), it is a globally scalable platform designed to drive the smart grid and greatly improve the efficiency and customer service of energy suppliers. Based on advanced data and machine learning capabilities, the end-to-end platform automates most of the energy supply chain. This passes on benefits to Octopus Energy customers who are encouraged to access power when it is greener and cheaper.
Kraken holds the goal of serving 100 million energy accounts by 2027 – which it is well on its way too, currently serving 17 million.
Who are Kraken Technologies?
Kraken Technologies is part of Octopus Energy Group and was developed to enable select third parties to take advantage of the technologies developed by Octopus Energy. Kraken Technologies essentially builds and provides the tech for Octopus Energy and to others.
Tariffs on offer from Octopus Energy break the mould by offering scenario-based tariffs that use complex algorithms from smart appliances to target price drops in renewable wholesale spot markets – saving money.
Kraken Technologies has released a new platform called ‘Good Energy’ – recently awarded the highest green energy supplier rating from WHICH.
What now?
A press release from Kraken Technologies and Eon celebrated the milestone of two million Eon customers migrating to Kraken’s customer service platform. This achievement was hit in just under a year, following on from Eon’s acquisition of Npower in 2019.
Octopus plan on partnering with other like-minded companies seeking a ‘transformation migration’ through sharing the operating model for Kraken Technology, as well as their technology.
Of the 17 million accounts signed with Kraken, 2.2 million are from Octopus Energy UK accounts and 15 million are licencees from strategic partnerships in Europe, Australia, and Japan.
To achieve future growth goals, half will be through the growth of the Octopus Energy brand plus organic growth and the other half through sharing the operating model.
Only 83 million to go.