Kraken Technologies acquires Berlin tech disruptor Kwest

• Octopus Energy Groups Kraken joins forces with Kwest
• Integration of Kwest’s tech into Kraken will further boost operational efficiency for heat pump, smart meter and solar installations
• Move will see Kraken open up a new tech hub in Berlin

Berlin/London, 23rd January 2024 - Kraken, the tech arm of global energy and technology group Octopus Energy, today announces the acquisition of Berlin-based tech start-up Kwest.

Adding Kwest’s leading workflow platform to Kraken’s tech stack will unlock smoother installations of clean technologies such as heat pumps and smart meters across Germany, the UK and Octopus’ other markets, significantly increasing operational efficiency.

The move will see Kwest’s seven-strong team join Kraken’s global team. It will also see Kraken open up its first development hub in Berlin.

Kwest was founded by Robin Dechant, Marco Holst, and Constantin Ehrensberger and backed by renowned investors including SpeedInvest. Its software platform enables energy installation businesses to streamline and automate operational processes at a fraction of the time of traditional solutions.

Since launching to the market eight years ago, Kraken has taken the global energy industry by storm. The deep-tech platform underpins the entire energy value chain - from generation to billing - allowing for in-depth analytics, real time monitoring and optimisation and management of energy devices, such as heat pumps and electric cars.

It enables companies to greatly improve efficiency, helping to meet important climate targets. It is now contracted to manage more than 54 million accounts globally through deals with energy giants including Octopus Energy, EDF, EON and Tokyo Gas as well as water and broadband utilities.

Octopus has quickly expanded its green energy activities in Germany over the past years, helping drive the uptake of renewables and cleantech across the country. It has invested in seven renewables projects, launched innovative products such as its groundbreaking ‘Fan Club’ tariff and its public car charging platform ‘Octopus Electroverse’ and is rolling out heat pumps nationwide.

Germany is now the Group’s second largest market, with its Octopus Energy brand supplying 300,000 households across the country following the acquisition of Shell Energy Retail. Octopus was recently recognised by Focus Money as the energy company with the best customer service in Germany.

Greg Jackson, Founder of Octopus Energy Group, comments: “Cutting-edge energy technology like Kraken is going to be the key driver of a cheaper, greener future, and our only chance at hitting important net zero targets.”

“Kraken currently works across 12 European countries, with 54 million contracted accounts around the globe. With Kwest’s team and platform added to the stack we will now be able to supercharge the installation of clean, green home energy tech across the world.”

Robin Dechant, Founder of Kwest commented: “When we started speaking with the founders of Octopus Energy, we discovered our visions were deeply aligned. By merging our efforts with Kraken's innovative approach, we can speed up the energy transition on a global scale. As we’re celebrating this milestone with our team, it’s clear how excited everyone is for the next phase of home energy installation, enabled by our tech."

-ENDS-

Notes to editors:

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Octopus Energy Group

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About Kraken

Kraken Technologies 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 54 million customer accounts across the globe through licensees. Its first client was Octopus Energy where Kraken manages 7.7 million retail customers globally and over 60,000 business customers (the largest of which is Arsenal FC).

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 decentralised, decarbonised energy system. Kraken’s flexibility arm is currently contracted to manage over 36 GW across 130,000 green energy assets in 12 countries.

Kraken Technologies 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 and EDF. https://kraken.tech/

About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 7.7 million households globally.

Its operations span 18 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 has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as 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.