Octopus Energy to spin out AI utility platform Kraken at €7.3B valuation after €850M funding round
Octopus Energy Group has raised €850 million for its technology company Kraken, resulting in its spinout. This first standalone investment values Kraken at €7.3 billion, solidifying its independence as a global technology platform for utilities. The move underscores the growing importance of AI-powered solutions in the energy sector and signals the UK's continued ambition in digital innovation. The funding round saw participation from D1 Capital Partners, Fidelity International, Durable Capital Partners, and Ontario Teachers' Pension Plan Board. Octopus Energy will retain a 13.7% stake in Kraken after the spinout. Kraken's AI operating system supports over 70 million accounts globally, through licensing agreements with major utilities, and its contracted annual revenues are expected to exceed €424.5 million in 2025. Kraken's independence allows it to scale globally and focus on modernizing energy systems. It will deepen partnerships with utilities worldwide. This strategic move aims to positively impact a billion lives within a decade. Kraken has headquarters in London and New York, with regional centers in Paris, Tokyo and Melbourne.
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