Octopus Energy Group boosts Kraken’s capabilities with innovative ‘EnTech’ software
- ‘EnTech’ pioneer acquires Marvel Lab’s smart energy technology Configurable
- New software further boosts capabilities of Octopus’s tech platform Kraken
- Move will allow Kraken licensees to offer super-intelligent energy tariffs
London, 9th March, 2020. Technology unicorn Octopus Energy Group, the UK’s fastest growing energy supplier, today announces the purchase of Configurable, an advanced energy software created by Wellington-based Marvel Labs, in a move to super-charge Kraken’s market supply capabilities.
Kraken is Octopus Energy’s proprietary technology, a globally scalable platform designed to drive the smart grid and greatly improve the efficiency and customer service of energy suppliers. The end-to-end platform is based on advanced data and machine learning capabilities and automates much of the energy supply chain, empowering customers to access power when it is cheaper and greener. Kraken is now contracted to serve 17 million energy accounts worldwide, targeting 100 million accounts by 2027.
The tech platform has enabled Octopus Energy to become a global leader in smart tariffs, allowing the company to develop innovative products such as the world’s first half-hourly time-of-use tariff Agile Octopus, a bespoke tariff for vertical indoor farms, and its most recent invention – the ‘Fan Club’ – a tariff which gets cheaper as local wind blows stronger.
The integration of Configurable adds another layer of flexibility and speed to Kraken’s tech stack offering, enabling Octopus Energy and Kraken’s licensees to create even more complex tailor-made dynamic tariffs which support green energy, drive the smart grid and lower energy bills for business and domestic customers.
James Eddison, CTO and co-founder of Octopus Energy Group, said:
“The times of generic fixed and standard tariffs are over, we’re entering a new era of smart tariffs. The way we generate and consume energy is changing dramatically, leading us into a greener energy future. And energy suppliers need to evolve as well to make sure that their products meet their customers’ needs and drive this change for a better world.
“We are always looking for new ways to innovate and create solutions which can help accelerate the transition to a truly flexible, green energy system, and Configurable is just perfect for that. It will allow us to build even more bespoke energy products across the globe, driving the renewable energy revolution faster than ever.”
Ari Sargent, CEO of Marvel Labs, said:
“The future of retail energy across the globe looks bright as Configurable becomes part of Octopus Energy Group. We are excited to be joining forces with an organisation that has a global reach and who shares our ambitions to play a major role in accelerating the decarbonisation of electricity systems and the transition to a net zero world through use of smart technology.”
Octopus Energy are currently recruiting for their team in New Zealand. To find out more about the roles and how to apply, please visit octopus.energy/careers/energy-specialist-nz/
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About Octopus Energy Group
Octopus Energy Group was launched in 2016 with a vision of using technology to make the green energy revolution affordable whilst transforming customer experiences. Its domestic energy arm already serves 2 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, London Power and Co-op Energy.
Octopus Energy for Business manages over 25,000 customers with proprietary energy offerings. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes.
All of these are made possible by OEG's tech arm, Kraken Technologies, which offers a proprietary, in-house platform 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. This technology has been licensed to support over 17 million accounts worldwide, through deals with Good Energy, E.ON energy and Origin Energy.
In December 2020, Octopus Energy Group was valued at over $2 billion after closing it's second investment round of the year led by international energy companies Tokyo Gas and Origin Energy. With operations in the US, Japan, Germany, New Zealand and Australia, Octopus Energy Group's mission to drive the affordable green revolution is going global.
In simpler times there was an electricity grid, an analogue meter and household appliances. With a major push to decarbonise energy globally, the emergence of smart grids, PV solar technology, Electric Vehicles, battery storage and smart meters, the supply of electricity to households is fundamentally changing.
New Zealand based Marvel Labs created Configurable, a cloud based utility rating platform, to allow energy suppliers to deliver advanced energy products to consumers that will incentivise and accelerate the uptake of these cleaner, greener technologies in their homes.
The Configurable platform works alongside existing energy retailing systems avoiding costly system migrations.
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