SE and Kraken sign definitive agreements to establish a joint venture headquartered in Riyadh to accelerate digital energy transformation across the Middle East and North Africa
The joint venture will extend Kraken's AI-powered operating system by building regional digital capabilities, and creating high-quality jobs
The joint venture will also reserve licensing rights to deploy Kraken for 11.5m customer accounts across the Kingdom of Saudi Arabia
SE to acquire a minority strategic equity stake in Kraken to reinforce long-term alignment
RIYADH, SA / ACCESS Newswire / April 14, 2026 / Saudi Energy (SE) and Kraken announced the signing of definitive agreements for a strategic partnership with Kraken Technologies Limited (Kraken), a global provider of an AI-powered operating system for the utilities sector. Under the agreements, SE and Kraken will establish a joint venture headquartered in Riyadh to accelerate digital transformation across the energy and utilities sectors in the Middle East and North Africa (MENA).
The joint venture will serve as the exclusive reseller of the Kraken operating system across the MENA region. It will also focus on:
Deploying the Kraken operating system to modernize utility operations and customer experience
Building regional digital capabilities and developing local talent
Supporting job creation across the energy and technology ecosystem in line with Saudi Arabia's digital and economic objectives under Vision 2030
The JV will also have the rights to deploy Kraken to 11.5 million SE customer accounts, supporting SE's AI-driven digital innovation strategy and its ambition to enhance operational efficiency, organizational resilience, and long-term sustainable growth.
As part of the agreements, SE will also acquire a minority strategic equity stake in Kraken, reinforcing long-term alignment between the two companies.
Kraken's platform is a fully cloud-based, AI-enabled operating system designed specifically for utility companies. It enables end-to-end digital operations, including customer experience, billing, service management, data analytics, and intelligent system optimization. The platform currently supports more than 90 million customer accounts on behalf of leading global utilities and operates in over 15 countries. Kraken's strong backing and global expertise in digital energy platforms reinforces the strategic intent to scale proven, next-generation utility technologies across MENA.
The partnership reflects SE's continued focus on adopting advanced digital technologies and strengthening the future-readiness of the electricity ecosystem in the Kingdom of Saudi Arabia and the wider region.
About Saudi Energy: Powering the Kingdom to Power the World
Saudi Energy (SE) is the Kingdom's primary electricity provider for more than 11.5 million customers, playing a central role in powering economic growth, enabling national development, and supporting the energy transition through an integrated generation, transmission, and distribution network.
Vision
A preeminent power provider, delivering exceptional customer experience through innovation and sustainable solutions.
Mission
To deliver best-in-class customer experience and long-term value to stakeholders by investing in our people, protecting the environment, and enabling digital transformation across the power sector and beyond.
SE Generation: Securing Supply and Advancing the Energy Transition
SE's Generation business forms the backbone of Saudi Arabia's electricity supply, ensuring reliable power delivery across all regions and operating conditions. It oversees one of the region's largest and most diverse power generation fleets, comprising 38 power plants that support both system stability and the Kingdom's long-term energy transition goals.
The total owned generation capacity exceeds 56.7 GW, with annual electricity production exceeding 237 TWh, representing more than 57% of national electricity production.
SE Transmission: Building the National Grid for Tomorrow
The National Grid is responsible for planning, operating, and expanding Saudi Arabia's electricity transmission network, which spans approximately 104,633 circuit kilometers and includes 1,315 substations.
As the backbone of the national power system, the transmission business plays a pivotal role in connecting generation sources to demand centers, enabling renewable energy integration, and supporting the Kingdom's economic growth and Vision 2030 ambitions.
Distribution and Customer Services (D&CS): Delivering Power to Every Customer
Distribution and Customer Services (D&CS) represents the final and most visible link in the electricity value chain, delivering power from transmission substations to more than 11.5 million customers across the Kingdom.
The D&CS business focuses on reliability, service excellence, and enhancing customer experience through digital solutions and operational efficiency, ensuring seamless electricity delivery to households, businesses, and industries nationwide.
About Kraken
Kraken is the most-loved and proven operating system for energy. Powered by Utility-Grade AI and deep industry expertise, we help utilities transform their tech and operations so they can lead the energy transition.
Kraken supports 90+ million accounts worldwide, from households and businesses to large industrial customers, enabling utilities to innovate faster, unlock revenue, make energy more affordable for customers, and create a smarter, more resilient grid. Trusted by leading utilities like EDF Energy, E.ON Next, Octopus Energy, Origin, Plenitude, Portsmouth Water, National Grid and Tokyo Gas, Kraken consistently delivers measurable results, including up to 40% greater efficiency and 3× improved customer satisfaction.
Our operating system delivers better outcomes from generation, through distribution, to supply - unifying data, automation and AI that's designed and constantly optimized for utilities in one platform. With a constant stream of new software releases, our clients are equipped for the future. And with an unparalleled track record for speedy, seamless migrations, we're helping utilities around the world power the possible.
Headquartered in London and New York, with regional centers in Paris, Tokyo and Melbourne, our mission is to make a big, green dent in the universe and improve one billion lives within a decade.
Contact Information:
Saudi Energy
966920001100
933@se.com.sa
SOURCE: Saudi Electricity Company
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/oil-gas-and-energy/se-and-kraken-establish-joint-venture-to-accelerate-digital-transformation-of-ut-1157441
