Finance
UK's Octopus Energy to spin off technology arm Kraken
Published by Global Banking and Finance Review
Posted on September 18, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 18, 2025
2 min readLast updated: January 21, 2026
Octopus Energy is spinning off Kraken Technologies to enhance its independence and growth, with Tim Wan as CFO. The move is expected to benefit Origin Energy.
(Reuters) -Octopus Energy said on Thursday it would spin its technology arm Kraken Technologies off and named Tim Wan as the newly separated company's chief financial officer, as Britain largest electricity supplier focuses on its core operations.
Kraken, which provides energy software technology to energy majors including EDF, National Grid US and Tokyo Gas, has hit $500 million in committed annual revenue through licensing deals.
The separation will give Kraken independence to invest and expand as needed, and help reassure Kraken's clients about any potential conflicts of interest from being owned by a competitor.
"Kraken is now a globally successful business in its own right, operating independently for some time – completing our journey to full independence is a strategic and inevitable next step," Kraken CEO Amir Orad said in a statement.
Incoming CFO Wan was the finance chief at U.S.-listed software platform Asana from 2017 until 2024 where he oversaw the company's market listing.
While Octopus Energy did not provide specifics of Kraken's spin off, a Sky News report in July said the technology group could be valued at as much as 10 billion pounds ($13.63 billion), if separated.
The spin off is also expected to boost Australian electricity and gas retailer Origin Energy, which owns about 23% of Octopus.
Origin did not immediately respond to a request for comment.
($1 = 0.7339 pounds)
(Reporting by Prerna Bedi in Bengaluru; Editing by Rashmi Aich)
A spin-off is a corporate action where a company creates a new independent company by selling or distributing new shares. This allows the parent company to focus on its core operations.
A chief financial officer (CFO) is a senior executive responsible for managing the financial actions of a company, including financial planning, risk management, and financial reporting.
A technology arm refers to a division within a company that focuses on developing and implementing technology solutions to support the company's operations and objectives.
Valuation is the process of determining the current worth of an asset or a company. It is essential for investment decisions, mergers, and acquisitions.
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