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Octopus Energy Chief Eyes Massive Kraken Tech Float
8 Feb
Summary
- Octopus Energy's tech arm, Kraken, is slated for a £6 billion flotation.
- Founder Greg Jackson rose from a humble seaside town upbringing.
- The company aims to list both Kraken and Octopus Energy on the stock market.
Greg Jackson, founder of Octopus Energy, is preparing its technology division, Kraken Technologies, for a potential £6 billion flotation. Jackson, who hails from Saltburn near Middlesbrough, has built Octopus Energy into the UK's largest domestic energy supplier, serving 7.9 million customers.
Kraken Technologies, a software platform managing customer service and supply, is central to Octopus Energy's success and is also used by competitors like E.On and EDF. Despite its acclaim as a valuable British tech startup, some analysts express caution regarding its ambitious valuations and recent market fears surrounding AI's impact on software-as-a-service businesses.
The spin-off of Kraken is intended to allow for easier sales to other companies while separating it from Octopus Energy's competitive energy market operations. This move is also anticipated to provide financial benefits for Jackson and other staff holding shares, though murmurs suggest it may also be to raise capital for regulatory financial resilience rules.
