Octopus Energy to Sell Stake in Kraken Technologies at $8.65bn Valuation
Octopus Energy is set to sell a stake in its software arm, Kraken Technologies, which is valued at $8.65 billion. New investors Fidelity International and the Ontario Teachers’ Pension Plan Board will join existing shareholders to acquire a $1 billion stake, while Octopus will retain a 13.7% holding in Kraken.
Kraken Technologies provides software that enables real-time pricing for billing, smart meters, electric vehicle charging, and home batteries. Its platform is licensed to major UK energy companies including E.ON, EDF, and Good Energy. It is also used internationally, with Tokyo Gas in Japan and Origin Energy in Australia deploying the technology.
This stake sale follows a September announcement where Octopus signaled its plans to spin Kraken out as a standalone company, potentially pursuing a stock market flotation in the future. Greg Jackson, Kraken's founder, stated that the company's technology and leadership position it for faster growth as an independent entity supported by strong backers.
In January, Octopus Energy became Britain’s largest household energy supplier, a success attributed in part to Kraken's technology.
