Octopus Kraken Awakens, Expands Beyond Energy into Water and Broadband

The energy trading platform Kraken ventures beyond the administration of energy accounts, today reaching other utilities such as telecommunications, water and broadband.

Described as “cloud-native”, Kraken monitors and bills all the details for a contracted total of 25 million accounts in six countries around the world.

As such, it aims to replicate the shovel sellers who notoriously profited more than gold diggers during California’s mid-19th century gold rush.

For owner Octopus as well as its UK rivals, Kraken claims to track transaction events covering 40% of the country’s electricity consumers.

It claims around twenty successful migrations for Octopus and for its competitors EDF, E.On, Good Energy, the Australian supplier Origin and Tokyo Gas.

Silicon Valet keeps code tidy

Fifty new jobs are added to the 250 existing computer analysts and code writers employed by the company. The Kraken team will work out of Octopus Energy Group’s technology centers in London, Manchester, Houston, Silicon Valley, Sydney and Tokyo.

Joining the Boston Consulting Group, albeit an Octopus partner as an associate since 2018, Deepak Ravindran will lead Kraken Utilities, as the expanded business unit is now known.

Residing entirely in cloud computing environments and nowhere else, Kraken delivers 100 claimed releases every day, backed by vast amounts of automated testing. The configuration enables the development of secure processes at speeds far beyond those of traditional platforms, thereby improving system resiliency and service levels.

Rapidly evolving technology presents, according to Octopus, enormous opportunities offered to secure the operational efficiency of big data and machine learning.

CEO Ravindran commented, “Kraken is well on its way to revolutionizing the energy industry. It has brought a new level of customer focus and now powers the world’s most beloved energy utilities.

“It’s an incredibly exciting time for me, and for the whole team here, to help bring this transformation to great companies around the world.”

Octopus Energy founder Greg Jackson – pictured with Ravindran – explained:

“We have been increasingly approached by water companies, telecom operators and other utilities who have seen how Kraken has transformed the energy customer and employee experience, while reducing costs and opening up whole new opportunities through technology and customer engagement.

Jackson explained, “With forward-thinking utilities and regulators seeking to benefit from lower operating costs, better customer experiences and all-new efficiencies through machine learning and big data, we We’ve worked hard to take Kraken from being a game-changer in the power space to delivering these benefits to all utilities.”

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