Octopus Energy Group, London-based global energy tech unicorn, has announced the acquisition of Marvel Lab‘s smart energy technology, ‘Configurable.’ This strategic move will boost the capabilities of Octopus’s tech platform Kraken.
Kraken is a tech platform that automates much of the supply chain, allowing Octopus and other licensees to operate much more efficiently than other energy suppliers.
It is already contracted to serve over 17 million customer accounts, across the globe including partnerships with Origin Energy, E.ON, npower, and others.
Offers tailor-made dynamic tariffs
The integration of Configurable enables Octopus Energy and Kraken’s licensees to create even more complex tailor-made dynamic tariffs, which support green energy, drive the smart grid and lower energy bills for business and domestic customers.
Energy retail pricing system
Based out of New Zealand, Marvel Labs created Configurable, an advanced energy retail pricing system for a smart grid world. Notably, the Configurable platform works alongside existing energy retailing systems avoiding costly system migrations.
Making green energy revolution affordable
Launched in 2016, Octopus Energy Group aims to make the green energy revolution affordable whilst transforming customer experiences.
So far, the UK company has developed a half-hourly time-of-use tariff Agile Octopus, a bespoke tariff for vertical indoor farms, and the ‘Fan Club’ – a tariff that gets cheaper as the local wind blows stronger.
The company’s domestic energy arm serves 2 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, London Power, and Co-op Energy.
In December 2020, Octopus Energy Group was valued at over $2 billion (approx £1.4 billion) after closing its second investment round of the year led by international energy companies Tokyo Gas and Origin Energy. Right now, the company operates in the US, Japan, Germany, New Zealand, and Australia.
James Eddison, CTO, and co-founder of Octopus Energy Group said: “The times of generic fixed and standard tariffs are over, 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, said: “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 the use of smart technology.”