Kraken Technologies, a software provider for the energy industry and part of Octopus Energy Group announced the acquisition of Sennen, a provider of advanced software for the delivery and operation of large-scale renewable energy generation.
The deal will enhance Kraken’s asset management offering, allowing it to develop more innovative products and services for its clients. According to the company, it will also increase Kraken’s contracted energy generation and storage assets sixfold, from 6.5 GW to 36 GW, and enable it to manage offshore wind farms for the first time.
Gaby Amiel, CEO of Sennen Tech Ltd, comments: “Our energy system needs to be completely rethought and rewired in order to operate free from fossil fuels. With renewable energy capacity set to triple globally, Sennen’s focus on meeting the challenges faced by renewable project owners will be of increasing importance. Kraken is at the absolute vanguard of technology enabling the energy transformation. Together, we have the technology to unlock tremendous value for our customers.”
Devrim Celal, CEO of Kraken, comments: “This acquisition is a game-changer for us as we continue to disrupt the renewable energy landscape. Sennen’s expertise and innovative solutions perfectly complement our mission to provide efficiency and scalability to asset managers.”
Sennen’s 25 employees will join the Kraken and continue to work from their office in Bristol.
Kraken is currently contracted to manage over 6.5 GW across over 140,000 green energy assets in 12 countries. Sennen was advised by Roxburgh Milkins who is based in Bristol.
According to Mercom’s recently released 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, in 9M 2023, there were eight Smart Grid M&A transactions compared to 18 in 9M 2022.
