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Octopus buys Marvel Labs to increase pricing flexibility
- March 16, 2021
- Steve Rogerson
The UK’s fastest growing energy supplier Octopus Energy has bought New Zealand firm Marvel Labs to gain access to its Configurable energy retail pricing software.
All Marvel Labs employees have joined the Octopus Energy Group.
Greg Jackson, CEO of Octopus Energy Group, said: “Octopus Energy is absolutely delighted to welcome such like-minded entrepreneurs into the family. Their deep energy expertise and proprietary technology will help us drive the green energy revolution globally.”
The aim is to super-charge Kraken’s market supply capabilities. Kraken is Octopus Energy’s proprietary technology, a globally scalable platform designed to drive the smart grid and improve the efficiency and customer service of energy suppliers.
The end-to-end platform is based on data and machine-learning capabilities and automates much of the energy supply chain, empowering customers to access power when it is cheaper and greener. Kraken is now contracted to serve 17 million energy accounts worldwide, targeting 100 million accounts by 2027.
The technology platform has increased Octopus Energy’s position in smart tariffs, allowing the company to develop products such as the world’s first half-hourly time-of-use tariff Agile Octopus, a bespoke tariff for vertical indoor farms, and its most recent invention – the Fan Club – a tariff that gets cheaper as local wind blows stronger.
The integration of Configurable adds another layer of flexibility and speed to Kraken’s tech stack offering, enabling Octopus Energy and Kraken’s licensees to create more complex tailor-made dynamic tariffs that support green energy, drive the smart grid, and lower energy bills for business and domestic customers.
“The times of generic fixed and standard tariffs are over,” said James Eddison, CTO of Octopus Energy Group. “We’re entering a new era of smart tariffs. The way we generate and consume energy is changing dramatically, leading us into a greener energy future. And energy suppliers need to evolve as well to make sure that their products meet their customers’ needs and drive this change for a better world. “We are always looking for new ways to innovate and create solutions which can help accelerate the transition to a truly flexible, green energy system, and Configurable is just perfect for that. It will allow us to build even more bespoke energy products across the globe, driving the renewable energy revolution faster than ever.”
Ari Sargent, CEO of Marvel Labs, added: “The future of retail energy across the globe looks bright as Configurable becomes part of Octopus Energy Group. We are excited to be joining forces with an organisation that has a global reach and who shares our ambitions to play a major role in accelerating the decarbonisation of electricity systems and the transition to a net zero world through use of smart technology.”
Octopus Energy is recruiting for its team in New Zealand.