Kraken Technologies, one of the world’s fastest growing energy tech companies, has signed its first deal in the US with energy manager Tenaska Power Services (TPS).
The initial implementation will manage certain TPS customer battery sites in Texas but could grow across the company’s US portfolio.
This strategic collaboration will give TPS greater operational flexibility, enhance grid stability, and optimize its customers’ revenue streams in an increasingly dynamic energy landscape.
Kraken’s cloud-based platform offers its clients end-to-end management of the whole energy supply chain, from flexible energy device management all the way to customer billing and support, enabling its clients unrivalled scaling potential in a renewable world.
The platform also provides relentless efficiency, with a cost-to-serve up to 40% lower than other energy suppliers and has delivered best-in-customer-service accolades for clients who moved onto it.
Kraken enables energy companies to unlock the full potential of their wind and solar farms or batteries by using advanced data analytics, AI and optimization to maximize device usage, revenues and environmental benefit.
This increases the footprint of renewables on the grid, alleviates grid constraints and helps grid providers and energy suppliers to better prepare for extreme weather events.
Kraken is currently contracted to manage over 6 GW across more than 45,000 green energy assets growing 30% month-on-month. It is targeting the management of 200,000 assets and 10 GW of energy capacity by the end of 2023.
It is also contracted to serve 30 million energy customer accounts globally, targeting management of 100 million by 2027, with 10 million of those coming from the US.
The platform is now active in 14 countries including the UK, the US, Japan, Australia and a large portion of mainland Europe.
TPS is part of Tenaska, one of the largest natural gas and electric power marketing companies in North America. Its portfolio includes more than 23 GW of solar, wind, energy storage and 10 carbon sequestration projects, capable of storing 50 million tons of CO2 per year.
Greg Jackson, Founder of Octopus Energy Group, announcing the news at Reuters Energy Transition event in New York, commented: “The products and services Kraken enables are the key to the cheap, green energy revolution. As our first US licensee, TPS will take decades of energy expertise and combine it with new cutting-edge technology to maximise the benefit of its customers’ assets while helping to balance the grid.
“With extreme weather events, increased electricity demand and the evolution of the smart grid to come, TPS is already leagues ahead in preparing for the energy grid of the future.”
Jeremy Carpenter, Vice President of Energy Management and Operations at Tenaska Power Services, commented: “TPS is excited to work with Kraken to manage a number of resource portfolios including distributed generation, batteries and thermal generation. TPS will leverage Kraken’s unique communication and data aggregation solutions to provide its best-in-class energy management services to a broader range of customers.”