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Britain's Octopus Energy to spin out Kraken at $8.65 billion valuation
Octopus Energy will sell up to 20% of Kraken Technologies at an $8.65 billion valuation to raise $1 billion for global expansion of its AI energy software platform.
- Shortly, Octopus Energy Group has lined up investors to sell between 10% and 20% of Kraken Technologies and engaged Goldman Sachs to manage the demerger, with sources saying an announcement is expected imminently.
- Octopus Energy Group says the split would remove perceived conflicts that deterred some platform customers, and Sky News first revealed the demerger plan in July, which will augment Greg Jackson's paper fortune.
- Beyond retail, Kraken supplies its software to utilities and non-energy firms, including EON, EDF Energy, Severn Trent, and Cuckoo, contracted to over 70 million accounts globally.
- If completed, the sale would cement Kraken Technologies and Octopus Energy Group as one of Britain's biggest private companies, with a $10bn valuation implying a �15bn group worth and doubling value since last year.
- Investor interest is coming as Kraken pursues rapid global growth, with sources naming D1 Capital Partners, Fidelity and Ontario Teachers' Pension Plan among participants, while Octopus Energy Group serves over 7.5 million UK customers with 24% market share and 2.5 million abroad.
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Kraken spinning out of Octopus, raising $1B and considering an IPO
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Coverage Details
Total News Sources29
Leaning Left3Leaning Right3Center9Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
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