By Rhodri Morgan
Octopus Energy’s software arm is to increase its gigawatts under service almost sixfold through the acquisition of German software provider Sennen.
Kraken currently oversees more than 6.5 GW across 130,000 green energy assets in 12 countries, managing aspects such as customer billing and the real-time alteration of output from renewable sites.
The addition of Sennen’s portfolio, which comprises thousands of assets spread across wind farms, solar farms and grid scale batteries, takes Kraken’s oversight to 36.5 GW.
Terms of the deal were not disclosed.
Octopus Energy Group, Britain’s largest energy supplier, has seen its valuation jump 60 per cent since 2021, and this week announced a fresh investment round.
Devrim Celal, chief executive of Kraken, said: “This acquisition is a game-changer for us as we continue to disrupt the renewable energy landscape.
“Sennen’s expertise and innovative solutions perfectly complement our mission to provide efficiency and scalability to asset managers.
“We are excited to join forces with Sennen’s talented team to turbocharge the move to a cleaner, cheaper energy world.”
Gaby Amiel, chief executive of Sennen Tech, added: “Our energy system needs to be completely rethought and rewired in order to operate free from fossil fuels.
“With renewable energy capacity set to triple globally, Sennen’s focus on meeting the challenges faced by renewable project owners will be of increasing importance and Kraken is at the absolute vanguard of the energy transformation.
Octopus recently offloaded nearly half a million broadband customers it inherited through its Shell Energy UK Retail deal earlier this year to telecomms giant TalkTalk.
The UK’s energy darling, which was controversially granted billions in government subsidies to absorb now-defunct energy supplier Bulb in 2021, revealed a new £3bn offshore wind fund last month.
