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 and is already being licensed to other energy providers, with committed annual revenue increasing to $500 million in three years. 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. Chief Executive Officer Amir Orad joined Carol Massar and Tim Stenovec on 'Bloomberg Businessweek Daily' to discuss the company's journey.
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