Octopus Energy Group announced it has raised its first sole investment round in Kraken, the energy technology company it has developed and grown. With this round, Kraken will officially embark on its journey as an independent company.
The round was led by D1 Capital Partners, a major US investment firm, and included new participation from global institutional investors such as the Ontario Teachers’ Pension Plan (OTPP), Fidelity International, and Durable Capital Partners. In total, new and existing investors acquired approximately $1 billion worth of Kraken shares in this round.
Additionally, Octopus Energy Group’s existing investors continue to support the company, with Octopus Capital leading an additional investment of approximately $320 million in Octopus Energy Group itself, giving Octopus Energy Group a 13.7% stake in Kraken and further strengthening the group’s strong financial position.
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An AI platform for utilities that supports 70 million accounts worldwide
Kraken, born within Octopus Energy Group, is an operating system for the energy industry powered by Utility-Grade AI™, currently powering over 70 million customer accounts through licensing agreements with major utilities around the world.
Over the past decade, Kraken has grown into the operating system for data-driven utilities, processing over 15 billion transactions per day and recently surpassing $500 million in annual contracted revenue, a fourfold increase in just three years.
Independence accelerates global expansion and partnerships
Through this spin-off, Kraken will accelerate its offering to global utilities as a clearly neutral technology platform, while Octopus Energy Group will further focus on investing in and growing its consumer business, power generation, and clean technology.
Once independent, Kraken will operate with an independent shareholder structure (cap table), governance, and management structure.
SOURCE: PRTimes

