Octopus Energy Plans to Spin Off Kraken Tech Arm

Bloomberg.com reports that Octopus Energy Group Ltd. intends to spin off its technology division, Kraken Technologies Ltd. Kraken is a software platform developed to assist utility companies in managing their transition to cleaner energy sources. This technology has significantly contributed to Octopus Energy's expansion, establishing it as the UK's largest electricity supplier, with over 7 million customers nationwide. The software platform enables the company to effectively balance power distribution to households as energy-transition technologies, such as electric vehicles, home batteries, solar panels, and heat pumps, become increasingly prevalent.