Octopus Energy’s Kraken has expanded into Switzerland, acquiring energy technology company Depsys.
The Depsys technology provides real-time data for grid managers to allow them to better understand, control and evolve their networks. This is designed to enable network upgrades, and support the integration of renewable technologies.
“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,” said Michael De Vivo, CEO of Depsys, which is based in Lausanne.
Kraken is used across numerous different countries by companies including EDF, E.On, Octopus Energy, Origin, Tokyo Gas, Good Energy and Hanwha’s Nectr. It has already gone through c. 20 rapid, successful migrations.
Following this latest deal, Kraken’s flexibility division will be contracted to control over 4.3GW across 13,000 green energy assets, the firm said.
“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,” said Devrim Celal, CEO of Kraken.
“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.”
The acquisition of Depsys continues Octopus’ and Kraken’s expansion into the European energy market, where the platform is already used in Belgium to control heat pumps and other energy technologies to reduce household bills amid the energy crisis.
The cloud-native platform is also looking to expand into the utilities market via Kraken Utilities to support typically low-tech industries on their transition to net zero.