Second Global Headquarters to Open in Lower Manhattan, Creating more than 100 Jobs
Expansion Supported by Up to $1.11 Million in Performance-Based Excelsior Jobs Tax Credits
Empire State Development (ESD) today announced that Kraken Technologies Limited will expand its U.S. presence by establishing a second global headquarters in Lower Manhattan. The company will lease and build out approximately 10,000 square feet of office space at 99 Hudson Street, creating 111 new jobs over the next five years. Supported by up to $1.11 million in performance-based Excelsior Jobs Program tax credits, the project reinforces New York’s status as a global center for technology, innovation, and artificial intelligence.
Empire State Development President, CEO, and Commissioner Hope Knight said, "Kraken Technologies' decision to establish its North American headquarters in Lower Manhattan is a powerful example of New York City's ability to attract global companies seeking to scale. This expansion will create more than 100 high-quality jobs and demonstrates that innovative, AI-driven companies recognize New York as the place to build, invest, and grow. ESD is proud to support Kraken's growth through the Excelsior Jobs Program as we continue strengthening the state's technology sector and economic competitiveness."
Rajiv Shah, Kraken VP of Global Regulation and Markets, said, “Opening our new office at 99 Hudson Street in New York will mark an important milestone in Kraken’s U.S. journey. Following the announcement of our partnership with National Grid earlier this year, establishing our global co-headquarters here underscores our confidence in the region’s innovation ecosystem and talent and reaffirms our commitment to a major expansion into the U.S. utilities market. We’re incredibly grateful to Empire State Development for its generous support through the Excelsior Jobs Program, which is helping us accelerate growth, create high-quality jobs, and advance our mission to build the AI-powered energy systems of the future.”
“We are thrilled that Kraken Technologies chose New York City’s Lower Manhattan neighborhood for its second global headquarters, a move that will create over a hundred jobs,” said New York City Economic Development Corporation (NYCEDC) President & CEO Andrew Kimball. “As the applied AI capital of the world, home to a robust green economy ecosystem, and top destination for young talent, New York City is the perfect place for Kraken Technologies to expand its North American presence. Our business development team will continue to support Kraken Technologies to build lasting partnerships as they establish roots here.”
Kraken is the end-to-end customer system for energy utilization. Powered by Utility-Grade artificial intelligence and deep industry expertise, Kraken is helping utilities modernize operations, lower cost-to-serve, and accelerate the energy transition. The company is contracted to serve over 70 million customer accounts globally, including 6.5 million National Grid customers across Massachusetts and New York through its first major U.S. partnership.
Kraken’s AI-powered platform processes over 15 billion data points per day, enabling utilities to boost operational efficiency and improve customer satisfaction while managing the world’s largest residential virtual power plant. These advanced capabilities help utilities optimize energy use, unlock hundreds of millions of dollars in annual savings, and support a smarter, more resilient grid. This year, Kraken reached $500 million in contracted annual revenue, quadrupling its scale over the past three years as it establishes itself as an independent global technology leader.
Kraken’s new Lower Manhattan headquarters will serve as its North American hub, supporting engineering, delivery, marketing, and operations teams as the company expands its U.S. footprint. The decision to anchor its global co-headquarters in New York reflects Kraken’s confidence in the region’s technology leadership, talent pool, and innovation ecosystem—and aligns with increased demand for AI-driven solutions that modernize utility operations and improve customer experience.
New York City’s dynamic technology ecosystem continues to attract global innovators like Kraken Technologies, reinforcing the state’s position as a leader in advanced software and artificial intelligence. Governor Hochul has made AI a central pillar of New York’s innovation agenda, launching initiatives that invest in AI research, workforce development, and responsible deployment. The city’s deep talent pool, access to capital, and world-class academic institutions provide an unmatched foundation for companies to grow. Expansions by firms such as OpenAI, Duolingo, Figma, Rippling, Rokt, and Quadrature highlight this momentum, and Kraken’s decision further cements New York as a premier destination for companies applying AI to critical sectors like energy, finance, and infrastructure.
About Empire State Development
Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.
About Kraken
Powered by Utility-Grade AI™ and deep industry expertise, Kraken helps utilities modernize operations, lower cost-to-serve, and accelerate the energy transition.
Trusted by leading energy companies like EDF Energy, E.ON Next, Octopus Energy, Origin, Plenitude, National Grid and Tokyo Gas, Kraken consistently delivers measurable results, including up to 40% greater efficiency and 3× improved customer satisfaction.
Kraken’s operating system delivers better outcomes: from generation, through distribution, to supply – unifying data, AI and automation in one platform. Kraken supports 70+ million accounts worldwide, from households and businesses to large industrial customers, enabling utilities to innovate faster, integrate seamlessly, and migrate with confidence. With an unparalleled record for speedy, seamless transitions, they are helping the world’s leading utilities power the possible.
Joint-headquartered in London and New York, with regional centers in Paris, Tokyo and Melbourne, Kraken’s mission is to make a big, green dent in the universe. For more information, please visit https://kraken.tech/.
Contact:
ESD Press Office | [email protected] | (800) 260-7313