Octopus Energy Group’s Kraken acquires Power Fund III investee Depsys

13.12.2022
London / Lausanne – November 30th 2022 – Kraken, today announces the acquisition of Depsys, an energy technology company based out of Lausanne, Switzerland
  • Octopus Energy Group’s Kraken moves into distribution network operations with acquisition of energy tech provider Depsys and its ‘GridEye’ platform
  • GridEye offers analytics, data and real time monitoring services to distribution network operators looking to digitally transform their operations
  • Grid digitalisation is 700 times* cheaper than traditional grid reinforcement
  • Kraken’s flexibility arm now contracted to manage over 4.3 GW worth of renewables

Kraken has acquired Depsys and its ‘GridEye’ platform to boost its network operators offering. Depsys’ ‘GridEye’ technology platform will become part of Kraken to provide analytics, data and real time monitoring, including fault management, power quality and power flow modelling.


Crucially, Depsys’ technology, along with the Kraken flexibility platform, will save grids and network operators from spending more time and money on upgrading existing grid infrastructure. Recent analysis by Depsys found that digitising a grid is up to 700* times cheaper than making more onerous physical improvements, and allows operators to save 60% of time on grid analyses.


As part of the deal, Kraken will now have a base in Switzerland, and will transition employees into the company while they continue to build out their product.


Kraken offers its clients end-to-end management of the whole energy supply chain through one simple platform, creating relentless efficiency, flexibility to a scale never seen before and unrivalled scaling potential in a renewable world.


Kraken’s flexibility division is currently contracted to control over 4.3 GW across 13,000 green energy assets. Kraken is already managing 1.21 GW of this capacity – enough to power Dr. Emmett Brown’s time travel machine in the Back to the Future franchise – with the remaining assets to come online in the next year.


Devrim Celal, CEO of Kraken, comments: “By using and integrating Depsys’ technology into Kraken’s flexibility platform, we are enabling far more granular monitoring of all manner of green energy resources, like EVs, renewable generators and more.


“With the help of this new technology, grid operators will be able to save huge amounts of cash on costly physical upgrades by looking at a full-service, digital solution. We can’t wait to get started in Switzerland.”


Michael De Vivo, CEO of Depsys, said he was really excited to become part of Kraken, and to bring network expertise and technology into the group.


“We are joining forces with a like-minded team who share our ambitions to play a major role in using technology to digitalise the transition to a net zero world.”
-ENDS-


Notes to editors:
*Grid Emissions Method (GEM): Calculation based on complete digitalisation, reviewed by the Swiss Federal Government


Press contact:
Octopus Energy Group / Kraken
Dominic Bellamy
PR Manager
+44 7572900987


dominic.bellamy@octoenergy.com


About Kraken
Kraken offers a best-in-class end-to-end platform for energy supply, and is operating in the UK, Japan, North America, Europe, New Zealand and Australia. Kraken’s proprietary platform is contracted to serve over 25 million energy accounts across the globe through licensees and its partnership with Octopus Energy, where it is responsible for the acquisition and management of over 3.5 million retail customers and over 40,000 business customers (the largest of which is Arsenal FC).


Based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system.
Its flexibility arm is currently contracted to control over 4.3GW across 13,000 green energy assets. The platform connects with clean energy technologies such as batteries, electric vehicles and heat pumps, allowing it to manage those devices to match real-time energy demand and supply. This helps to balance the grid and enables customers to capitalise on cheaper, greener power.


Kraken is part of energy technology B-corp Octopus Energy Group, and was developed to enable select third parties to take advantage of the technologies developed by Octopus Energy. It has already been licensed by major global players including Origin Energy, E.ON, Tokyo Gas and EDF.



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