Overview
British renewable-energy startup Octopus Energy has spun off its utility management platform, Kraken Technologies, with a valuation of $8.65 billion following a $1 billion equity raise led by D1 Capital Partners. This deal allows Kraken to operate independently while Octopus retains a 13.7% stake. Additionally, Octopus secured $320 million for innovation and expansion in clean technology, enhancing its balance sheet. Kraken supports over 70 million customer accounts globally and aims to modernize utility operations and impact one billion people in the next decade.
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Investors: D1 Capital Partners
British renewable-energy startup Octopus Energy has spun off its utility management platform, Kraken Technologies, with a valuation of $8.65 billion following a $1 billion equity raise led by D1 Capital Partners. This deal allows Kraken to operate independently while Octopus retains a 13.7% stake. Additionally, Octopus secured $320 million for innovation and expansion in clean technology, enhancing its balance sheet. Kraken supports over 70 million customer accounts globally and aims to modernize utility operations and impact one billion people in the next decade.