Overview
- D1 Capital Partners led the funding, with participation from Ontario Teachers’ Pension Plan, Fidelity International and Durable Capital Partners.
- New and existing investors will buy about $1 billion of equity in Kraken, while investors led by Octopus Capital will inject an additional $320 million into Octopus Energy.
- Octopus Energy will retain a 13.7% stake in Kraken following the demerger.
- Kraken licenses an AI-powered operating system to utilities including EDF, National Grid U.S. and Tokyo Gas, serving more than 70 million contracted accounts and reporting over $500 million in contracted annual revenue in September.
- Australia’s Origin Energy will invest about $140 million, maintain a 22.7% interest in Kraken and waive Australia exclusivity in exchange for an additional 1.5% equity stake.