Australian firm Energetiq acquired by tech giant Kraken to take energy reconciliation software global
Global energy tech giant Kraken has acquired Australian tech firm Energetiq, renowned for their pioneering energy billing reconciliation software
Industry-leading software will enable greater efficiency and lower costs for Kraken clients and consumers
Acquisition expands Kraken's offering, adding network billing capabilities to the leading global operating system for utilities
Melbourne, Australia – July 29, 2024 – Kraken, the world's fastest-growing energy platform and powerhouse behind the UK’s largest electricity supplier Octopus Energy, has acquired Energetiq, a leading Australian software developer renowned for its pioneering energy billing reconciliation software.
The move will see Energetiq’s industry-leading reconciliations and revenue assurance capabilities added to Kraken, providing even greater efficiency and lowering costs for both businesses and their customers.
Energetiq, founded in 1998, has become the dominant player in the Australian market for network billing reconciliation. Their flagship product, Network Billing Validation (NBV), is widely adopted by Australian retailers for its market-leading network settlement reconciliation capabilities.
The Kraken platform connects the entire energy value chain and is the technology behind many global energy giants, including Octopus Energy, Tokyo Gas, Origin Energy and E.ON. The acquisition will enable the development of Kraken’s network billing capabilities by leveraging Energetiq’s deep industry experience. It will also expand Energetiq’s reach to Kraken’s business customers around the globe.
Energetiq’s team will join Kraken and transition to the tech company’s new Australian headquarters in Melbourne. Adam Kierce, Managing Director and Founder of Energetiq, will continue to lead the team and the global expansion of Energetiq’s software, while bringing his vast experience to Kraken
James Eddison, Chief Technology Officer of Octopus Energy Group, says: “Energetiq's products, capability and experience will be invaluable as we continue to build the leading operating system for utilities. We’re incredibly excited to be working with Adam and his team.”
Adam Kierce, Managing Director and Founder of Energetiq, says: “We are super thrilled to join the Kraken family and see our industry leading assurance capabilities and network billing expertise taken to the world.
“Whilst Kraken’s size, capabilities and success was an important component, it was the strong cultural and technical match that made this an easy decision to make. I and the entire Energetiq team are looking forward to making a positive contribution in the months and years ahead.”
This acquisition is the latest in Kraken’s series of deals, following the integration of Bristol-based Sennen Tech, a provider of advanced software for managing large-scale renewable energy generation, and Berlin-based tech disruptor Kwest.
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About Kraken
Kraken Technologies offers a best-in-class end-to-end platform for energy supply and is operating in the UK, Japan, US, New Zealand, Australia, and most of mainland Europe. Kraken’s proprietary platform is contracted to serve 54 million customer accounts across the globe through licensees. Its first client was Octopus Energy, where Kraken manages 7.9 million retail customers globally and over 60,000 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. Kraken manages more than 38 gigawatts in utility scale assets. These span a wide range of technologies, from off-shore wind to grid-scale batteries. Kraken is also a global leader in the rapidly growing field of domestic flexibility. The platform already handles 162,000 domestic devices, totalling over a gigawatt of power.
Kraken Technologies is part of 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 and EDF. https://kraken.tech/
