Energy tech giant Kraken lands first US licensing deal with energy manager Tenaska Power Services
- North American energy manager Tenaska Power Services (TPS) becomes Kraken’s first US licensee
- Platform to manage certain TPS customer battery sites, starting in Texas
- Kraken - part of Octopus Energy Group - is now active in 14 countries, managing 30 million energy accounts and 6 GW of energy assets
New York City, June 7, 2023 — Kraken Technologies, one of the world’s fastest growing energy tech companies, has signed its first deal in the US with energy manager Tenaska Power Services (TPS).
The initial implementation will manage certain TPS customer battery sites in Texas but could grow across the company’s US portfolio.
This strategic collaboration will give TPS greater operational flexibility, enhance grid stability, and optimize its customers’ revenue streams in an increasingly dynamic energy landscape.
Kraken’s cloud-based platform offers its clients end-to-end management of the whole energy supply chain, from flexible energy device management all the way to customer billing and support, enabling its clients unrivalled scaling potential in a renewable world.
The platform also provides relentless efficiency, with a cost-to-serve up to 40% lower than other energy suppliers and has delivered best-in-customer-service accolades for clients who moved onto it.
Kraken enables energy companies to unlock the full potential of their wind and solar farms or batteries by using advanced data analytics, AI and optimization to maximize device usage, revenues and environmental benefit.
This increases the footprint of renewables on the grid, alleviates grid constraints and helps grid providers and energy suppliers to better prepare for extreme weather events.
Kraken is currently contracted to manage over 6 GW across more than 45,000 green energy assets growing 30% month-on-month. It is targeting the management of 200,000 assets and 10 GW of energy capacity by the end of 2023.
It is also contracted to serve 30 million energy customer accounts globally, targeting management of 100 million by 2027, with 10 million of those coming from the US.
The platform is now active in 14 countries including the UK, the US, Japan, Australia and a large portion of mainland Europe.
TPS is part of Tenaska, one of the largest natural gas and electric power marketing companies in North America. Its portfolio includes more than 23 GW of solar, wind, energy storage and 10 carbon sequestration projects, capable of storing 50 million tons of CO2 per year.
Greg Jackson, Founder of Octopus Energy Group, announcing the news at Reuters Energy Transition event in New York, commented: “The products and services Kraken enables are the key to the cheap, green energy revolution. As our first US licensee, TPS will take decades of energy expertise and combine it with new cutting-edge technology to maximise the benefit of its customers’ assets while helping to balance the grid.
“With extreme weather events, increased electricity demand and the evolution of the smart grid to come, TPS is already leagues ahead in preparing for the energy grid of the future.”
Jeremy Carpenter, Vice President of Energy Management and Operations at Tenaska Power Services, commented: “TPS is excited to work with Kraken to manage a number of resource portfolios including distributed generation, batteries and thermal generation. TPS will leverage Kraken’s unique communication and data aggregation solutions to provide its best-in-class energy management services to a broader range of customers.”
Notes to editors
Octopus Energy Press office
Kraken offers a best-in-class end-to-end platform for energy supply, and is operating in the UK, Japan, US, New Zealand, Australia and most of mainland Europe. Kraken’s proprietary platform is contracted to serve over 30 million energy accounts across the globe through licensees and its parent company Octopus Energy, where it is responsible for the acquisition and management of 5.3 million domestic and business customers.
Based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralized, decarbonized energy system.
Kraken is part of Octopus Energy Group, and was developed to enable select third parties to take advantage of the technologies developed by Octopus Energy. It has already been licensed by major global players including Origin Energy, E.ON, Tokyo Gas and EDF. The platform is on track to reach 100 million energy accounts by 2027.
About Octopus Energy Group
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 14 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus serves 5.3 million customers through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 30 million customer accounts worldwide through licensing deals with energy companies, including EDF, E.ON and Origin Energy.
Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.
For more information, check out our website.
Consistently ranked among Forbes List of America’s Largest Private Companies, Tenaska is a leading energy company with business operations across the energy value chain. Tenaska Marketing Ventures (TMV) and Tenaska Power Services Co. (TPS) are among the largest natural gas and electric power marketing companies in North America. The Company has an operating fleet of 7,500 megawatts (MW) of natural gas and renewable generating facilities and throughout its history has developed, managed and/or operated approximately 22,000 MW of natural gas-fueled and renewables generation. Tenaska’s development services portfolio includes more than 23,000 MW of solar, wind, energy storage and 10 carbon sequestration projects, capable of storing 50 million tons of CO2 per year. For more information, visit www.tenaska.com.
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