Meridian Energy has selected UK-based Kraken as the core technology partner for its retail business.
The company’s retail division serves 400,000 homes and businesses under the Meridian and Powershop brands.
The contract includes the development of a new billing platform, which will serve as a crucial component within a technology framework supporting Meridian’s new retail strategy.
Kraken will also deliver migration services employing a proprietary method that has effectively transitioned numerous leading energy companies worldwide over the last four years.
“Customers want more affordable energy and an increasing range of options for how and when they use it. We’re focused on finding ways to deliver value back to customers, saving them time and money, and new technology will play a vital and wide-ranging role in this,” Meridian chief customer officer Lisa Hannifin said in a statement.
“Kraken knows the energy sector intimately, have an excellent billing system and can help us unlock the power of AI. They are specialists in working with energy and other utilities to use AI to enhance customer experiences and make the development of new products quicker and easier than ever before, and that’s exactly what we’re looking for.”
Mark Soper, Managing Director of Kraken APAC, expressed the company’s enthusiasm about partnering with Meridian.
“Meridian is already a leading energy retailer that will leverage Kraken’s best-in-class platform and AI capabilities to deliver even better outcomes for its customers and business. Our partnership represents a major milestone for Kraken as we continue to invest in serving New Zealand, one of the world’s most advanced and innovative energy markets,” Soper said.
Kraken will take over from Meridian subsidiary Flux, which currently manages the billing platform for Meridian and Powershop. Flux will continue to support the existing billing platform during the phased migration to Kraken, which is set to start in July and is anticipated to be completed within a year. .
Hannifin commended the Flux team’s exceptional work and its platform’s outstanding performance. However, she also emphasised how the “retail landscape is changing, and we now need a much broader technology stack.”
Flux reportedly introduced a new organisational structure centred on customer migration, resulting in a reduction of its workforce from 121 to 68 employees.
Interim Flux CEO Bharat Ratanpal will resume his position as Meridian’s chief information officer on July 1, with Flux management set to report to Meridian’s retail business division.