Kraken Technologies
A British energy and utilities technology company whose software platform manages customer, billing, and operational processes for utility providers.
Last updated October 14, 2026
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Overview
Kraken Technologies is a British energy and utilities technology company developed and owned by Octopus Energy Group. Its principal product is a cloud-based software platform designed to manage the commercial and operational processes of utility providers, including customer accounts, billing, customer relationship management, tariff administration, and operational fulfilment. Although the platform was created within the Octopus Energy ecosystem, Kraken operates as a technology supplier to other businesses, including companies that compete with Octopus in retail energy. Octopus introduced Kraken in 2017 as part of an effort to make energy retail more efficient and responsive. The system was intended to bring customer service, billing, account management, and back-office operations onto a more integrated technology architecture. This approach supported Octopus Energy's rapid growth and subsequently became a product that could be licensed to external utilities. The platform's first important international expansion came in 2018, when Hanwha Energy Retail Australia's Nectr selected Kraken for billing and customer relationship management as it entered the Australian market. Adoption expanded in the United Kingdom through agreements with Good Energy, E.ON, Npower, and EDF Energy. Good Energy licensed the platform in 2019 for its customer base, while E.ON and Npower selected Kraken in 2020 to manage a combined base of approximately 10 million customers. E.ON later moved around two million former Npower customers to its Kraken-powered E.ON Next operation. In 2021, EDF Energy contracted Kraken to support the transition of approximately five million customers. These deals established the platform as infrastructure for large incumbent suppliers as well as for digitally oriented challengers. Kraken has also developed an international utility strategy. Origin Energy acquired a minority stake in Octopus Energy in 2020 and obtained rights to use Kraken in Australia. In 2023, the company announced a partnership with Plenitude, the energy business of Eni, covering approximately two million customers across France, Greece, Portugal, Slovenia, and Spain. Further agreements followed with Saint John Energy in North America and German supplier Maingau Energie. By 2025, the platform was reported to be licensed by 40 utilities in 27 countries and contracted to manage more than 70 million customer accounts. The figures include energy suppliers and organizations in adjacent utility sectors. The company has broadened beyond electricity and gas. Kraken has worked with water companies including Portsmouth Water and Severn Trent, and with broadband and telecommunications providers including Cuckoo and TalkTalk. These relationships reflect a strategy of applying the platform to utility-like businesses with recurring customer accounts, regulated services, metering or usage data, and complex billing requirements. Severn Trent has also associated its Kraken relationship with operational sustainability measures, including renewable electricity sourcing and a planned transition to an electric vehicle fleet. Kraken's growth has made its corporate structure strategically significant. The company licenses software to utilities that may compete directly with Octopus Energy, while remaining owned by Octopus. This has prompted questions about governance, data separation, and whether clients can regard the platform as an independent technology provider. In September 2025, Octopus announced plans for a demerger of Kraken. The proposed separation was presented as a way to clarify the relationship between the technology business and Octopus's retail energy operations. Goldman Sachs was reported to have been engaged as an adviser, and market speculation placed a possible valuation of the business at up to £10 billion. Kraken's leadership also became more distinct from that of the wider Octopus group. Gavin Patterson became chairman in November 2023, and Amir Orad w…
History
Kraken Technologies was introduced by Octopus Energy in 2017 as an internal technology platform for improving energy-supply efficiency. Its architecture was intended to connect customer needs with operational fulfilment, including account administration, billing, customer service, and related utility processes. Rather than remaining solely an internal system, Kraken was developed as a licensable platform for external utilities. The first major international deployment identified in the available material occurred in 2018, when Hanwha Energy Retail Australia's Nectr used Kraken for billing and customer relationship management while entering the Australian market. In the United Kingdom, Good Energy agreed in October 2019 to license the platform for its approximately 300,000 customers under an initial three-year arrangement. In 2020, E.ON and Npower selected Kraken for a combined customer base of approximately 10 million. E.ON subsequently migrated around two million former Npower customers to its Kraken-powered E.ON Next platform. Also in 2020, Origin Energy acquired a 20% stake in Octopus Energy and received rights to use Kraken in Australia. Kraken's customer base expanded again in 2021 when EDF Energy contracted the company to transition approximately five million customers. These agreements demonstrated that the platform could be used by large established suppliers as well as newer digital retailers. The company continued its overseas expansion in 2023 through a partnership with Plenitude, the energy business of Eni. The arrangement covered approximately two million customers in France, Greece, Portugal, Slovenia, and Spain. In 2024, Kraken was licensed by Saint John Energy in North America and partnered with German supplier Maingau Energie. Kraken also moved into non-energy utilities. In 2023 it announced relationships with broadband provider Cuckoo and Portsmouth Water. A later Severn Trent relationship applied the platform to water-utility operations and was associated with the use of renewable energy and a plan to electrify the company's vehicle fleet by 2030. In February 2024, TalkTalk became the first major UK internet service provider reported to have adopted Kraken. In November 2024, Severn Trent announced further adoption of the platform for services to approximately 4.6 million customers. Leadership became more distinct as the technology business grew. Gavin Patterson was appointed chairman in November 2023, followed by Amir Orad's appointment as Kraken's first dedicated chief executive in July 2024. Reported fiscal 2024 revenue was £136.3 million, with recurring revenue of £89.6 million, described as a 68% increase from the prior year. By 2025, Kraken was reported to be licensed by 40 utilities in 27 countries, handling or contracted to handle tens of millions of customer accounts. The available material gives different account totals depending on whether it refers to current operations or contracted accounts: Octopus's own operations were described as involving 12.9 million accounts serving 7.3 million UK households, while Kraken's broader contracted base exceeded 70 million accounts and was later reported at approximately 75 million. Kraken's ownership by Octopus Energy has generated governance questions because Octopus is itself a retail energy supplier and Kraken serves competing businesses, including EDF and E.ON. Observers have questioned whether client data and commercially sensitive information can be sufficiently separated from Octopus's retail operations. In September 2025, Octopus announced plans for a demerger, describing the separation as a strategic step that would clarify Kraken's independent technology role. A reported minority investment of $1 billion later valued the company at $8.65 billion and was described as part of the process toward a full separation. The company also became involved in wider political and regulatory debate after reports of a British Business Bank investment and disputes over Octopus Energy's regulatory capital position. These matters concern the ownership and institutional context around Kraken as much as the software business itself.
- 2025
Demerger plans announced
[1]Octopus Energy announced plans to separate Kraken into an independent company.
- 2024
Dedicated chief executive appointed
[1]Amir Orad became Kraken's first dedicated CEO.
- 2023
Expansion into European markets and non-energy utilities
[1]Kraken announced the Plenitude partnership across five European markets and relationships with broadband and water utilities.
- 2023
Gavin Patterson appointed chairman
[1]Gavin Patterson became chairman of Kraken Technologies.
- 2021
EDF Energy customer transition contract
[1]EDF Energy contracted Kraken to transition approximately five million customers to the platform.
- 2020
E.ON and Npower adopted Kraken
[1]E.ON and Npower selected Kraken for a combined customer base of approximately 10 million accounts.
- 2020
Origin Energy acquired rights to use Kraken in Australia
[1]Origin Energy acquired a 20% stake in Octopus Energy and obtained rights to use Kraken in Australia.
- 2019
Good Energy licensing agreement
[1]Good Energy licensed Kraken to manage approximately 300,000 customers under an initial three-year term.
- 2018
First major international deployment
[1]Hanwha Energy Retail Australia's Nectr used Kraken for billing and customer relationship management as it entered the Australian market.
- 2017
Kraken platform introduced by Octopus Energy
[1]Octopus Energy introduced Kraken as a technology platform intended to improve energy customer management and operational fulfilment.
Products and positioning
A scalable, integrated operating platform for energy and other utilities, positioned around automation, customer-account management, billing, operational efficiency, and the digital transformation of large utility businesses.
Utility software platform · 2017
Kraken utility management platform
Kraken's core platform integrates customer accounts, billing, customer relationship management, service operations, and fulfilment processes for utility providers. It was initially designed for energy retail but has been adapted for water, broadband, and telecommunications businesses. The platform is offered to external utilities under licensing and partnership arrangements and is intended to support large-scale customer migrations and recurring account operations.
Energy management software · 2017
Kraken energy retail platform
The energy-focused implementation supports gas and electricity suppliers with customer administration, billing, account servicing, and operational workflows. It has been used by both digitally oriented retailers and large incumbent suppliers, including Octopus Energy, E.ON, Npower, EDF Energy, Good Energy, and international partners.
Water utility software · 2023
Kraken water utility platform
The water-utility application extends Kraken's account and service-management model to companies with large recurring customer bases and regulated infrastructure. Partnerships reported with Portsmouth Water and Severn Trent indicate use of the platform to improve customer services and support broader operational transformation, including sustainability-related initiatives.
Telecommunications software · 2023
Kraken broadband and telecommunications platform
Kraken has expanded into broadband and telecommunications, where providers require customer account management, recurring billing, service administration, and customer support. Partnerships with Cuckoo and TalkTalk represent the application of the platform outside regulated energy and water supply.
Controversies
2026
Political controversy over British Business Bank investment
A reported £25 million investment by the British Business Bank attracted political criticism because Kraken had already been assigned a multibillion-dollar valuation. Critics also raised questions about the political connections of Octopus founder Greg Jackson. The business secretary rejected the characterization of the investment as improper financial support.
2025
Conflict-of-interest concerns over Octopus ownership
Industry observers questioned whether utilities competing with Octopus Energy could be comfortable licensing Kraken while the platform remained owned by Octopus. The concerns focused on governance, data ring-fencing, and the possibility of commercially sensitive information being exposed to a parent company that also operates a competing retail business. Octopus's announced demerger plan was presented as a way to reduce these concerns.
2025
Regulatory capital dispute involving Octopus Energy
After Ofgem introduced financial-resilience requirements, public criticism focused on Octopus Energy's reported capital position and the treatment of intangible assets associated with Kraken. The dispute involved calls from competitors for stronger regulatory action and commentary that separating Kraken could affect the parent company's capital position.
Brand decisions
2025
Plan a corporate demerger from Octopus EnergyStrategyBackground
Kraken's ownership by a retail energy supplier created questions about independence and the handling of data from competing utility clients.
Action taken
Octopus announced plans to separate Kraken into an independent company and reportedly hired Goldman Sachs as an adviser.
Aftermath
The proposal was linked to a potential valuation of up to £10 billion and was followed by a reported minority investment valuing Kraken at $8.65 billion.
Speculated valuation. Up to £10 billion (September 2025 reports)
2025
Sell a minority stake in KrakenM&ABackground
The minority transaction was reported as part of the process toward a full separation of Kraken from Octopus Energy.
Action taken
Octopus sold a minority stake for a reported $1 billion.
Aftermath
The transaction reportedly valued Kraken at $8.65 billion.
Reported minority investment and implied valuation. $1 billion investment; $8.65 billion valuation (December 2025)
2023
Expand beyond energy into water and communicationsStrategyBackground
The platform's account, billing, and service-management capabilities could also serve adjacent utility sectors.
Action taken
Kraken entered partnerships with water and broadband providers, including Portsmouth Water and Cuckoo.
Aftermath
The expansion continued with Severn Trent and TalkTalk, broadening the platform's addressable market.
2017
Develop a licensable utility operating platformStrategyBackground
Octopus Energy sought to improve efficiency across customer needs and operational fulfilment.
Action taken
The company developed Kraken as an integrated platform and subsequently made it available to external utilities.
Aftermath
Kraken became a separate technology business serving energy and non-energy utilities in multiple countries.
Recent events
- 2025
Octopus announced plans to demerge Kraken[1]
M&A · Regulation
Octopus Energy announced plans to separate Kraken into an independent company. The proposal was linked to concerns about the platform's ownership, client data governance, and competitive relationship with Octopus's retail business.
- 2025
Octopus sold a minority stake in Kraken[1]
M&A
A reported $1 billion minority investment valued Kraken at $8.65 billion and was described as an initial step toward a full demerger.
- 2024
TalkTalk adopted Kraken for its broadband customer operations[1]
Product launch
TalkTalk became the first major UK internet service provider reported to have adopted the Kraken platform.
- 2024
Amir Orad became Kraken's first dedicated chief executive[1]
Leadership change
Amir Orad was appointed the company's first dedicated CEO, reinforcing Kraken's separate operating identity within the Octopus group.
- 2023
Kraken expanded into water and broadband utilities[1]
Other
The company announced relationships with broadband provider Cuckoo and water utility Portsmouth Water, broadening its platform beyond energy.
- 2023
Plenitude partnered with Kraken across five European markets[1]
Other
Plenitude, Eni's energy business, adopted Kraken for approximately two million customers in France, Greece, Portugal, Slovenia, and Spain.
- 2023
Kraken appointed Gavin Patterson as chairman[1]
Leadership change
Gavin Patterson became chairman as Kraken developed a more distinct leadership structure within Octopus Energy Group.
- 2021
EDF Energy contracted Kraken to support migration of approximately five million customers[1]
Other
EDF Energy selected Kraken to transition a large customer base onto the platform, extending Kraken's role among major incumbent energy suppliers.
- 2020
Origin Energy acquired a minority stake in Octopus Energy with rights to use Kraken in Australia[1]
M&A
Origin Energy acquired a 20% interest in Octopus Energy and obtained rights to use the Kraken platform in the Australian market.
Sources1 sources
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