Octopus Energy to spin off $8.65bn tech arm Kraken
Summary
Octopus Energy plans to separate its technology division, Kraken Technologies, into an independent company valued at $8.65 billion. The company sold a $1 billion stake in Kraken to investors, which might lead to a future stock market offering. Kraken uses AI to improve customer service and energy management for its clients.Key Facts
- Octopus Energy is creating a separate company for its technology arm, Kraken Technologies.
- Kraken is valued at $8.65 billion after a $1 billion investment by a group of investors.
- Investors include New York-based D1 Capital Partners, Fidelity International, and Ontario Teachers' Pension Plan.
- Kraken uses AI to automate tasks for energy companies, like customer service and billing.
- Kraken serves around 70 million household and business accounts globally.
- Octopus Energy will still own a 13.7% stake in Kraken after the spin-off.
- Kraken may go public, potentially listing its shares in either London or the US.
- The investment will support Octopus Energy's expansion, creating jobs in the UK.
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