Kraken, part of the global energy and technology group Octopus Energy, has acquired German tech startup Kwest. This move aims to enhance the installation of clean energy technologies like heat pumps and smart meters. The acquisition will significantly boost operational efficiency in Germany, the UK, and other Octopus markets.
About Kraken & Kwest
Kraken’s expansion includes opening its first development hub in Berlin. Kwest, co-founded by Robin Dechant, Marco Holst, and Constantin Ehrensberger, specializes in streamlining energy installation processes. It has received backing from investors like SpeedInvest. Kwest’s integration into Kraken will see its seven-member team joining the larger firm.
Germany, Octopus Energy’s second-largest market, serves 300,000 households. Octopus acquired Shell Energy Retail, enhancing its market presence. The company also earned recognition for outstanding customer service in Germany by Focus Money.
Operational enhancements & global impact
Greg Jackson, CEO of Octopus Energy, expressed enthusiasm about the acquisition. He stated:
With Kwest’s team and platform added to the stack, we will now be able to supercharge the installation of clean, green home energy tech across the world.
Kwest founder Robin Dechant echoed this sentiment, highlighting the merger’s potential to accelerate the global energy transition.
Kraken’s market influence
Since its inception eight years ago, Kraken has made significant strides in the energy industry. Its deep-tech platform supports the entire energy value chain, from generation to billing. This includes advanced analytics, real-time monitoring, and management of energy devices.
The platform’s efficiency improvements contribute to meeting crucial climate targets. Kraken is contracted to manage over 54 million accounts globally, partnering with major energy companies like EDF, EON, and Tokyo Gas, as well as water and broadband utilities.
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