· 3 min read
illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Octopus Energy, a U.K.-based startup now valued at nearly $10 billion, is reshaping the energy sector through its artificial intelligence platform, Kraken
• Originally created as a demo tool, Kraken has become the backbone of Octopus’ operations and a standalone business, managing energy for 70 million customers globally
• This week, it expanded its reach by partnering with the U.S. National Grid to serve 6 million customers across New York and Massachusetts
🔭 The context: Founded in 2015, Octopus Energy (see sustainability performance) quickly evolved from a niche green supplier to the U.K.’s largest household energy provider
• Its rapid growth is powered by Kraken, an AI-driven software platform that supports grid balancing, customer management, and integration of decentralized technologies like solar panels and EV chargers
• By carving out Kraken as a separate tech company, Octopus now services global energy players including EDF, Origin Energy, and Tokyo Gas
🌍 Why it matters for the planet: Kraken’s ability to analyze and optimize energy consumption in real-time enhances the efficiency and scalability of renewable integration
• It enables smarter demand-side management, supports grid decarbonization, and helps utilities transition away from fossil fuels
• Projects like "Zero Bills" showcase how data-driven insights can make renewable-powered homes more affordable and replicable across global markets
⏭️ What's next: Octopus aims to scale Kraken’s reach to 100 million customers by 2027, with ambitions to eventually manage energy for a billion users
• Expansion into France, Italy, Japan, and deeper penetration into the U.S. are in progress
• Kraken’s growth could accelerate digital modernization in energy systems worldwide, providing investors and utilities with a powerful tool for navigating the complexities of the green transition
💬 One quote: “It’s time for someone to build a global clean energy major, and that’s what we’ll do,” Octopus co-founder and CEO Greg Jackson
📈 One stat: Kraken is currently contracted to manage energy systems for approximately 70 million customers worldwide, targeting 100 million by 2027
See on illuminem's Data Hub™ the sustainability performance of Octopus Energy and its peers Origin Energy, and EDF
Click for more news covering the latest on corporate governance
