Amir Orad Appointed as CEO of Octopus Energy's Kraken Technologies

Kraken Technologies, the technology arm of Octopus Energy, is set to announce Amir Orad as its first chief executive, according to Sky News. Orad, who previously led NICE Actimize, a Nasdaq-listed enterprise software provider, will take the helm as Kraken aims to operate more independently from its parent company, Octopus Energy Group. This move highlights the ambitious growth plans of Octopus Energy, which has recently achieved a valuation exceeding £7 billion following a secondary share sale. As the UK's second-largest domestic energy supplier, Octopus Energy has made significant strides in the energy sector, bolstered by investments from notable firms, including Generation Investment Management, chaired by former US Vice President Al Gore. Kraken Technologies specializes in providing an operating system for various industries, including energy, water, and telecommunications, and has secured contracts with some of the largest utilities globally. Earlier this year, Gavin Patterson, the former CEO of BT Group, was appointed chairman of Kraken, emphasizing the company's commitment to integrating all aspects of the energy system. This includes customer billing and the management of renewable energy sources and devices, such as heat pumps and electric vehicle batteries. Octopus Energy has expanded its market presence through strategic acquisitions, including Bulb Energy, which fell into temporary government ownership in 2021. The company, which has institutional backing from investors like the Canadian pension fund CPPIB, continues to pursue growth opportunities in the evolving energy landscape.