RIYADH: Saudi Energy announced the signing of final agreements to establish a strategic partnership with Kraken Technologies Ltd, one of the world’s leading companies in AI-powered digital operating solutions for the utilities sector.
Under the agreements, the two parties will establish a joint venture headquartered in Riyadh, while Saudi Energy will acquire a minority equity stake in Kraken.
The partnership supports Saudi Energy’s AI-driven digital innovation strategy and the development of advanced operating platforms for the energy and utilities sectors, contributing to improved operational efficiency, enhanced organizational resilience, and long-term sustainable growth.
The joint venture will serve as the exclusive distributor of the Kraken operating platform in the Middle East and North Africa, or MENA, with a focus on building advanced regional capabilities, providing high-quality job opportunities in energy and digital technology, and accelerating the pace of digital transformation in the energy sector.
This partnership reflects Saudi Energy’s commitment to adopting advanced digital technologies and enhancing the future readiness of the electricity system in the Kingdom and across the region.
Kraken is a cloud-based operating system powered by AI, designed specifically for utility companies. It enables end-to-end digital operations across customer experience, billing, service management, data analytics, and smart systems.
The platform currently supports more than 70 million customer accounts worldwide and operates in over 27 countries.
In early March, Saudi Energy, formerly known as Saudi Electricity Co., announced its financial results for the year 2025, delivering strong financial and operational performance with sustainable earnings growth.
Results were driven by rising power demand, accelerated expansion and modernization of the power grid, continued digital transformation and automation, and ongoing operational excellence initiatives.
The performance reflects the successful execution of the company’s strategic capital investment program, which strengthened revenues and profitability, enhanced system reliability and readiness, and reinforced Saudi Energy’s role as a key enabler of national development aligned with Saudi Vision 2030.
Operating revenues for 2025 reached SR102.2 billion ($27.3 billion), compared to SR88.7 billion in the previous year, representing growth of 15.3 percent.
Revenue growth was primarily driven by higher required revenue recognized due to strong growth in the grid's regulated asset base and coupled with stronger demand for electric power, leading to increased electricity production revenue for SE, in addition to continued expansion in the subscribers’ base.
