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On September 18, 2025, Octopus Energy, the largest electricity supplier in the UK, announced that it would spin off its tech subsidiary Kraken Technologies and appoint Tim Wan as the Chief Financial Officer of the new independent company. This spin-off aims to enable Octopus Energy to focus more on its core business while granting Kraken the independence to invest and expand autonomously. Kraken has already provided technical services to several energy giants and achieved a committed annual revenue of $500 million through licensing agreements. After the spin-off, Kraken will eliminate customers' concerns about conflicts of interest due to its affiliation with competitors. Previously, Sky News in the UK had reported that if the spin-off is completed, Kraken's valuation could reach as high as £10 billion.
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