Sept 18 (Reuters) -

Octopus Energy said on Thursday it would spin its technology

arm Kraken Technologies off and named Tim Wan as the newly

separated company's chief financial officer, as Britain largest

electricity supplier focuses on its core operations.

Kraken, which provides energy software technology to energy

majors including EDF, National Grid US and Tokyo

Gas ( TKGSF ), has hit $500 million in committed annual revenue

through licensing deals.

The separation will give Kraken independence to invest

and expand as needed, and help reassure Kraken's clients about

any potential conflicts of interest from being owned by a

competitor.

"Kraken is now a globally successful business in its

own right, operating independently for some time - completing

our journey to full independence is a strategic and inevitable

next step," Kraken CEO Amir Orad said in a statement.

Incoming CFO Wan was the finance chief at U.S.-listed

software platform Asana from 2017 until 2024 where he

oversaw the company's market listing.

While Octopus Energy did not provide specifics of

Kraken's spin off, a

Sky News

report in July said the technology group could be valued at

as much as 10 billion pounds ($13.63 billion), if separated.

The spin off is also expected to boost Australian

electricity and gas retailer

Origin Energy ( OGFGF )

, which owns about 23% of Octopus.

Origin did not immediately respond to a request for

comment.

($1 = 0.7339 pounds)