30 January 2024
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Addleshaw Goddard advises Octopus Energy’s tech arm Kraken on acquisition of Berlin start-up Kwest

International law firm Addleshaw Goddard has advised Kraken, the tech arm of global energy and technology group Octopus Energy, on the acquisition of Berlin-based tech start-up Kwest.

Kwest’s leading workflow platform enables energy installation businesses to streamline and automate operational processes. Adding Kwest’s software platform to Kraken’s tech stack will unlock smoother installations of clean technologies across Germany, the UK, and Octopus’ other markets, significantly increasing operational efficiency.

Since launching to the market eight years ago, Kraken currently works across 12 European countries. The deep-tech platform underpins the entire energy value chain allowing for in-depth analytics, real time monitoring and optimisation and management of energy devices, such as heat pumps and electric cars. It is now contracted to manage more than 54 million accounts globally.

Kwest’s seven-strong team will join Kraken’s global team. Furthermore, Kraken will open up its first development hub in Berlin.

Octopus has quickly expanded its green energy activities in Germany over the past years, helping drive the uptake of renewables and cleantech across the country. Germany is now the group’s second largest market, with its Octopus Energy brand supplying 300,000 households across the country following the acquisition of Shell Energy Retail.

The Addleshaw Goddard transaction team, led by Partner Dr. Hubertus Schröder, included Fabian Neppessen (Managing Associate, both Hamburg), Dr. Natalia Ilyevich (Managing Associate, Frankfurt), Dr. Theresa Röttger (Associate, all Corporate/M&A, Hamburg) as well as Jens Peters (Counsel, Employment), Dr. Staffan Wegdell (Counsel, Real Estate) and Yves-Alexander Wolff (Counsel, IP, all Hamburg).

Press contact:

Annika Kersting
Tel +49 (0)89 2620 21750
Mob +49 (0)152 346 18 509
Mail annika.kersting@aglaw.com

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