Kraken Technologies is a Business Reporter client
Utilities today are grappling with an industry-defining transformation. Traditionally, large, centralised providers generated energy and distributed it to consumers. Now, the focus has shifted towards a decentralised system powered by renewable sources, involving numerous producers and consumers.
Utilities must manage the demands and output of millions of devices, such as electric vehicles (EVs), heat pumps and solar panels, to maintain grid stability. This transition is not limited to energy but extends to water management as well. For instance, the UK could face a severe water shortage within the next 30 years, necessitating significant reductions in water consumption and improved efficiency.
Addressing these issues requires a comprehensive approach that combines physical infrastructure improvements with sophisticated software capabilities. Legacy software systems, often decades old, are ill-equipped to meet these demands. “Many utilities find this upgrade of software capabilities challenging because they are probably some of the oldest companies on the planet who have had technology deployed 30 years ago,” says Deepak Ravindran, CEO of Kraken Utilities. Deepak sees three key challenges for legacy technologies: the need to process and analyse vast amounts of data, enabling fast and efficient innovation and managing cyber risk.
Enter Kraken, the AI-enabled operating system for utilities.
Kraken began as the in-house technology platform for Octopus Energy before becoming an international technology business. At the core of Kraken’s offerings are three key applications: Kraken Customer, Kraken Asset, and Kraken Field.
Kraken Customer is an operating system for all aspects of customer technology. The system is designed to empower utilities to achieve market-leading customer satisfaction and efficiency. The power of Kraken comes from using a single system for all customer needs. “Typically, you’ll see a utility provider using a legacy system where an agent has to go through 15 to 20 screens of different systems to serve the customer, leading to slow and poor customer experience,” says Deepak. “Our system allows agents to have all the information about the customer, their bills, EVs, heat pumps and solar panels all in one place, enabling quick and efficient service.”
With all this information readily available in one place, agents can deliver quick and efficient service, enhancing the customer experience and streamlining operations. The platform currently serves 54 million accounts in 17 markets. This includes market-leading shares in the UK, Australia, and soon in Japan and other countries. Additionally, Kraken recently expanded into water and telco industries. Within two years, the platform has reached nearly five million accounts in water across Severn Trent, Portsmouth Water, and Leep Utilities.
In broadband, the company serves UK ISP disruptor Cuckoo. Kraken Asset (also known as KrakenFlex) offers market-leading asset management and AI-powered, data-driven optimisation and control for energy resources of any size, scale or type. Additionally, it provides real-time monitoring and data-enabled analysis and management of transmission and distribution networks.
Kraken currently oversees more than 230,000 distributed energy resources (DERs) and 42.35 GW of contracted power. The KrakenFlex platform enables innovative demand-response programs, where customers are rewarded for reducing power usage during peak times.
For example, Octopus signed up 1.4 million customers for a program that sends them a message three hours before an expected peak in power demand, urging them to cut usage and earn three times their average power price for the electricity they didn’t use. This program saved the UK grid from burning $200 million worth of coal and diesel, paying customers $10 million in return.
Kraken Field supports maintenance and management of assets. The platform is currently used by thousands of engineers within Octopus Energy Services to install heat pumps, solar panels, batteries and electric vehicles, and will soon be licensed to other parties.
Founded by British entrepreneurs Greg Jackson and James Eddison, Kraken is revolutionising the UK’s utility landscape with a vision to expand globally. This pioneering company is driven by a purpose: to promote a greener utilities sector, create opportunities and set a bold vision for the future.
Kraken’s global expansion is not just about growth; it’s about making a positive impact on a worldwide scale. By combining a strong ethical foundation with cutting-edge technology, Kraken is set to become a global leader, transforming how we think about and interact with utilities.
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