Kraken, the technology division of global energy technology company Octopus Energy, today announced the acquisition of Berlin-based technology startup Qwest.
Kwest’s software platform enables energy equipment operators to streamline and automate operational processes from generation to billing, providing deep analytics, real-time monitoring, optimization and management of energy equipment such as heat pumps and electric vehicles.
The company currently has contracts to manage over 54 million accounts worldwide through agreements with major energy companies, water and broadband operators, including Octopus Energy, EDF, EON and Tokyo Gas.
Adding Kwest’s workflow platform to Kraken’s technology stack will enable smoother adoption of clean technologies such as heat pumps and smart meters in Germany, the UK and Octopus’ other markets, significantly improving operational efficiencies.
The move will see Kwest’s team of seven join Kraken’s global team and also see Kraken opening its first development hub in Berlin.
Germany is now Octopus Group’s second largest market and, following the acquisition of Shell Energy Retail, the Octopus Energy brand supplies electricity to 300,000 homes across the country.
Greg Jackson, founder of Octopus Energy Group, commented:
“Cutting-edge energy technologies like Kraken will be a key driver of a cheaper, greener future and our only chance of reaching critical net-zero targets.”
“We are thrilled to be joining Kwest as part of our growing partnership with Mercari,” said Kwest founder Robin Dechant.
“When we began talking with the founders of Octopus Energy, we found that our visions were deeply aligned. By combining our efforts with Kraken’s innovative approach, we can accelerate the energy transition on a global scale.”
As we celebrate this milestone with our team, it’s clear how excited we all are about the next phase of home energy solutions that our technology will enable.”
