Octopus Energy Kraken
Utility operations platform spinning out at an $8.65B valuation
Overview
Kraken is the billing, customer-service, and grid-flexibility platform Octopus Energy built for itself, then licensed to utilities like EDF, E.ON, and Origin. Now spinning out as an independent company after a $1B raise, targeting an IPO near $15B.
Use cases
What you can produce with Octopus Energy Kraken
- AI-driven billing and customer-account management
- Smart-meter data processing at scale
- Demand-response and grid-flexibility optimization
- EV charging optimization
- Field-service auto-scheduling (Kraken Field)
- Generative AI customer-service tooling
- Licensed to utilities managing 70M+ accounts globally
ASEAN Perspective
Octopus Energy Kraken in Southeast Asia
ASEAN-region availability and pricing notes coming soon. Drop the editorial team a note via /contact/ if you can supply local context (Singapore/Malaysia/Indonesia/Thailand/Vietnam).
Kraken began as the software Octopus Energy built to run its own retail energy business, then became a licensing product once it proved it could handle billing, smart-meter data, and demand-response at scale. It now runs accounts for EDF Energy, E.ON Next, Origin, Plenitude, Portsmouth Water, National Grid, and Tokyo Gas — Octopus says over 70 million accounts globally use it in some form. The January 2026 spinout, a $1 billion raise at an $8.65 billion valuation led by D1 Capital with Fidelity International and Ontario Teachers' Pension Plan, separates Kraken from Octopus's retail arm specifically because rival utilities were wary of buying software from a direct competitor. There's no self-serve product, public pricing, or open API — this sells through direct enterprise licensing to utility executives, not something a smaller operator signs up for online. Worth watching toward its targeted IPO, but only directly useful to a utility considering a platform migration.
What people say
Kraken doesn't show up on G2 or Capterra — it's sold through direct enterprise deals to utility executives, not self-serve trials — so the closest thing to independent review is how it performs inside Octopus Energy itself and what licensee utilities say publicly.
Inside Octopus, Kraken migrated 5.8 million customers and 8.8 million meter points off eight legacy platforms in two years, and Octopus's own field-service arm now auto-schedules 98% of engineer jobs through Kraken Field, with a reported 99% customer-satisfaction rate on those visits. Octopus has grown to serve more than 9 million customers across 26 countries running on the platform, which is the strongest evidence that Kraken works at scale rather than just in a pilot.
External licensees are harder to independently verify since Kraken doesn't publish case-study numbers for most of them, but the client roster is specific and growing: EDF Energy and E.ON Next in the UK, Origin and Plenitude internationally, plus water and gas utilities (Portsmouth Water, Tokyo Gas) and grid operators (National Grid) — a sign utilities see it as infrastructure, not just an energy retailer's side project. One licensee quoted in Kraken's own materials framed the appeal as flexibility rather than feature completeness: wanting "a modern platform that keeps the door open" rather than one that claims to have everything already built.
The January 2026 spinout is itself a signal about product-market fit: Octopus separated Kraken into its own company, raising $1 billion at an $8.65 billion valuation from D1 Capital, Fidelity International, and Ontario Teachers' Pension Plan, specifically because competing utilities didn't want to buy software from a company that also sells them retail energy. Kraken is reportedly targeting an IPO near a $15 billion valuation within the year. None of this substitutes for independent user reviews, but the revenue and contract-renewal numbers (contracted annual revenue reportedly passed $500 million, up 4x in three years) are a reasonable proxy for whether utilities that adopt it stick with it.
Summary of public user & expert reviews, compiled by RECATOOLS.
About this listing
This entry was compiled from publicly available data including Octopus Energy Kraken's official website, press releases, documentation, and reputable third-party publications. RECATOOLS is not affiliated with Octopus Energy Kraken unless explicitly stated.
Third-party AI tools update their pricing, features, availability, and policies frequently. Information here may be outdated by the time you read this — we make reasonable efforts to keep listings current, but cannot guarantee absolute accuracy.
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