Get the latest tech news
Octopus Energy spins off its Kraken utility billing and AI platform
The British renewable energy provider said that its Kraken platform had $500 million in committed annual revenue, spurring a spinoff that could result in a massive IPO.
An eventual Kraken IPO could be valued at $15 billion and could occur within a year, according to The Wall Street Journal. The spinoff would help Kraken minimize conflicts of interest as it signs deals with utilities and power providers that aren’t Octopus, the company said. As Octopus gathered data from those projects, it used AI models built into Kraken to sift through it to determine how increasing amounts of renewable energy can work on the grid.
Or read this on TechCrunch