Octopus Energy Group to spin off Kraken
Tim Wan appointed as new CFO, joining Kraken from US software leader Asana
London, September 18, 2025, (Oilandgaspress) ––Octopus Energy Group today announces the spin-off of its world-leading technology company, Kraken, in a move aimed at speeding up the platform’s expansion across the globe.
Launched as part of the Octopus Energy Group, Kraken’s AI-powered platform is now contracted to serve over 70 million household and business accounts worldwide. It has grown into the world’s most advanced and proven data-driven operating system for utilities, processing 15 billion new data points a day.
The spin-off marks a major strategic milestone, allowing Kraken to fast-track investments into its technology, expand into new energy markets and regions, and drive innovation – all while building on its utility roots.
The move comes as Kraken reaches $500 million in committed annual revenue through licensing deals with energy majors such as EDF, E.ON Next, National Grid US, Origin Energy, Plenitude, and Tokyo Gas – quadrupling its contracted revenue in just three years.
To support this next phase, Kraken has appointed Tim Wan as its new CFO. Tim brings experience from US software leader Asana, where he spearheaded its successful listing and oversaw its journey to financial success and industry leadership whilst maintaining absolute focus on delivering an outstanding product for its customers.
Powered by Kraken, Octopus Energy Group rapidly reshaped the UK energy market with fair pricing, innovation and a relentless focus on customer service. Earlier this year, it became the UK’s largest energy supplier, now serving over 7.7 million UK households.
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