Octopus Energy Plans to Spin Off Technology Arm Kraken

Octopus Energy Group Ltd. plans to spin off Kraken Technologies Ltd., a software platform that helps utilities manage the transition to cleaner energy. Kraken has been key to Octopus Energy’s growth into the UK’s largest electricity supplier, leapfrogging industry incumbents to serve more than 7 million customers in the country. The software allows it to balance out power flows to households as energy-transition technologies like electric vehicles, home batteries, solar panels and heat pumps become more widespread.

Amir Orad, the CEO of Kraken, discusses the particulars of the spinoff and why he feels it's important for nations to have a diverse mix of energy sources and providers. Amir speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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