Kraken, part of Octopus Energy Group in the UK, has acquired Depsys and its ‘GridEye’ platform to boost its network operators offering. Depsys’ ‘GridEye’ technology platform will become part of Kraken to provide analytics, data and real time monitoring, including fault management, power quality and power flow modelling. Depsys investors include BNP paribas, SET Ventures and Statkraft Ventures.
Depsys’ technology, along with the Kraken flexibility platform, will save grids and network operators from spending more time and money on upgrading existing grid infrastructure. Recent analysis by Depsys found that digitising a grid is up to 700* times cheaper than making more onerous physical improvements, and allows operators to save 60% of time on grid analyses.
As part of the deal, Kraken will now have a base in Switzerland, and will transition employees into the company while they continue to build out their product. Kraken offers its clients end-to-end management of the whole energy supply chain through one simple platform, creating relentless efficiency, flexibility to a scale never seen before and unrivalled scaling potential in a renewable world.
Kraken’s flexibility division is currently contracted to control over 4.3 GW across 13,000 green energy assets. Kraken is already managing 1.21 GW of this capacity – enough to power Dr. Emmett Brown’s time travel machine in the Back to the Future franchise – with the remaining assets to come online in the next year.
Devrim Celal, CEO of Kraken, comments: “By using and integrating Depsys’ technology into Kraken’s flexibility platform, we are enabling far more granular monitoring of all manner of green energy resources, like EVs, renewable generators and more. “With the help of this new technology, grid operators will be able to save huge amounts of cash on costly physical upgrades by looking at a full-service, digital solution. We can’t wait to get started in Switzerland.”
Michael De Vivo, CEO of Depsys, said he was really excited to become part of Kraken, and to bring network expertise and technology into the group. “We are joining forces with a like-minded team who share our ambitions to play a major role in using technology to digitalise the transition to a net zero world.” Since its launch ten years ago, Depsys raised arain CHF18 million in three financing rounds. Investors include BNP paribas, SET Ventures, Statkraft Ventures, VNT Management and the Swiss single family office Wecken & Cie.
(Press release / ES)
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