Octopus Energy has acquired advanced energy software Configurable from Marvel Labs, in a move that will "super-charge" its Kraken platform’s market supply capabilities.
Integrating Configurable will add another layer of flexibility and speed to Kraken, the company said, allowing Octopus Energy and licensees to create more complex, tailor-made dynamic tariffs. These can support green energy and smart grids, helping to lower bills for both domestic and business customers.
Kraken has allowed Octopus to bring in smart tariffs such as Agile, the world’s first half-hourly time-of-use tariff according to the company. More recently, it introduced its ‘Fan Club’ tariff, which allows customer to get cheaper electricity when local wind generation is up.
James Eddison, CTO and co-founder of Octopus Energy Group, said that the time of generic fixed and standard tariffs is over and that "we're entering a new era of smart tariffs”.
“We are always looking for new ways to innovate and create solutions which can help accelerate the transition to a truly flexible, green energy system, and Configurable is just perfect for that. It will allow us to build even more bespoke energy products across the globe, driving the renewable energy revolution faster than ever.”
Kraken is now contracted for 17 million energy accounts worldwide thanks to partnerships with Origin Energy, E.On, npower and others, and Octopus Energy is targeting 100 million accounts by 2027.
Ari Sargent, CEO of New Zealand-based Marvel Labs, said the future of retail energy looked bright as the Configurable became part of the Octopus Energy Group.
“We are excited to be joining forces with an organisation that has a global reach and who shares our ambitions to play a major role in accelerating the decarbonisation of electricity systems and the transition to a net zero world through use of smart technology.”
Octopus Energy celebrated passing the two million customer mark at the end of February, and surged in value to over $2 billion in December thanks to a partnership with Tokyo Gas that saw the company expand into Asia.