Since Origin's last investment in
Underscoring Kraken's global appeal in the energy transition is its ability to rapidly transform both business operations and customer experience. In just two years, Octopus has successfully migrated 8.7 million customer accounts for E.ON energy in the
The price of Origin's investment is the same as the last investment in
Recent capital raisings now value Octopus at more than
Origin CEO
'Recent events have clearly underscored the significant advantage Octopus' low-cost operating model and market-leading technology platform, Kraken, provides in a rapidly changing energy landscape, with Octopus able to grow and thrive while other companies failed to survive amid the consolidation of
'Octopus has already grown materially in value since Origin's initial investment in 2020, and we believe our incremental investment provides a return well above our internal hurdle and is strategically aligned with our ambition to lead the energy transition to net zero. We believe Octopus provides an important avenue for future growth,'
In Origin's business, the migration of all electricity and gas customers to Kraken is progressing well and on track to be completed by the end of the 2022 calendar year.
As of today, more than 2.3 million customer accounts are on Kraken, well over half of Origin's customer base, and customer happiness has continued to rate highly and above expectations as migrations have scaled up. Productivity performance has been strong, and Origin is on track to achieve the targeted cost benefits.
'We are delighted with the progress we are making on Kraken and the transformation of our retail operating model. Developing and operating Kraken in the complex Australian energy market further underscores our belief that the already profitable platform will be a leading global enterprise software platform through the energy transition,'
Contact:
Media
Anneliis Allen
Mobile: +61 428 967 166
Investors
Mobile: +61 417 230 306
About Octopus Energy
Part of the
Octopus has expanded rapidly and now operates in 13 countries, including the
Octopus is the
Octopus' proprietary technology platform, Kraken, has been licensed to a growing number of leading retailers around the world, including Origin, E.ON and EDF
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