Meridian selects Kraken as retail technology partner

Release






Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand
Level 2, 98 Customhouse Quay, Wellington 6011

meridianenergy.co.nz
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian selects Kraken as retail technology partner

3 June 2025


Meridian Energy has selected UK-based Kraken as the core technology partner for its Retail
business, which supports 400,000 homes and businesses through the Meridian and Powershop Retail
brands.

The scope of the contract includes a new billing platform that will play a key role as part of a broader
technology stack to underpin the delivery of Meridian’s new retail strategy. Kraken is also contracted
to provide migration services using a proprietary approach that has successfully migrated many of the
largest energy companies in the world over the past four years.

Meridian Chief Customer Officer Lisa Hannifin says the company is focused on reducing the overall
cost of energy for customers, and the key role that technology will play makes Kraken an ideal
partner.

“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.”

“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,” says Lisa Hannifin.

Meridian completed a strategic reset and restructure of its Retail business in late 2024 to enable the
business to meet changing technology and consumer needs. It has since launched three new
products (Smart Hot Water, Smart EV Charging and the Four Hours Free Plan), with more to come
over the coming months. This reset is delivering results, with customer growth of 8% since June 2024.

Kraken Managing Director APAC, Mark Soper says the company is excited to partner with Meridian
and bring the benefits of world leading technology to Meridian and Powershop customers.

“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” says Mark Soper.

Kraken will replace Meridian subsidiary Flux, which currently delivers the billing platform for Meridian
and Powershop. Flux will continue to maintain this billing platform while a phased migration to Kraken
takes place. This will begin in July and is expected to be completed within 12 months.

meridianenergy.co.nz
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“The Flux team is first-rate, and its billing platform has done an excellent job for Meridian and
Powershop, but the retail landscape is changing, and we now need a much broader technology
stack,” says Lisa Hannifin.

Last May Meridian announced that Flux was stepping away from international growth opportunities
and refocusing on its core customers in the New Zealand and Australian markets. Flux’s other
customer, Shell Energy, has a contract through to September 2026.

Meridian will now consider the future of the subsidiary beyond supporting the transition to Kraken. In
the meantime, Flux has implemented a new structure to reflect the focus on customer migration,
reducing its workforce from 121 to 68. Interim CEO Bharat Ratanpal will return to his role as Meridian
Chief Information Officer on 1 July 2025, with Flux management to report into Meridian’s Retail
business.


ENDS

Authorised for release by:

Jason Woolley
General Counsel and Company Secretary
Meridian Energy Limited


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