Kraken and United Illuminating Enter Partnership to Pilot Smart Energy Tech, Reduce Grid Constraint in Connecticut

Core Insights - Kraken has partnered with United Illuminating (UI) to launch an intelligent energy management solution aimed at reducing energy consumption for households by 15-20 percent, set to launch in June 2024 [1][2] - The initiative aligns with Connecticut's climate goal of a 45 percent reduction in greenhouse gas emissions by 2030 [1] - The program allows households to save up to 30 percent on their monthly electric bills, translating to $120-$200 per device [2] Company Overview - Kraken Technologies operates a comprehensive energy management platform and is currently managing 155,000 domestic devices globally, totaling over 38.35 GW of contracted power [3] - The company aims to serve 100 million energy accounts by 2027, with 10% of these in North America [3] - Kraken's platform is contracted to serve 54 million customer accounts worldwide, with significant operations in the UK, Japan, US, New Zealand, Australia, and mainland Europe [5] Partnership Details - The partnership with UI is part of the Connecticut Public Utilities Regulatory Authority's Innovative Energy Solutions Program, focusing on creating a decarbonized and equitable electric grid [2] - A 20 percent adoption rate among UI's customer base could provide over 450 MW of flexible load to the Connecticut region, helping to alleviate grid stress and prevent blackouts [2] - The collaboration is expected to enhance customer-centric energy management and contribute to the sustainability goals of Connecticut [3]