Overview
- D1 Capital Partners led the roughly $1 billion equity round alongside Fidelity International, Durable Capital Partners and an arm of Ontario Teachers’ Pension Plan.
- Octopus Energy retains a 13.7% stake in Kraken, while Origin Energy invests about $140 million, holds 22.7% and has waived Australian exclusivity for the platform.
- Investors led by Octopus Capital are injecting an additional $320 million into Octopus Energy to fund innovation and growth.
- Kraken’s software is contracted to serve more than 70 million customer accounts with contracted annual revenue above $500 million, supplying utilities including EDF, E.ON Next, National Grid US, Tokyo Gas and Origin.
- Formal separation is targeted for mid‑2026 with independent governance, and leadership is weighing a potential IPO in London or New York as Octopus works to strengthen its balance sheet after reporting an annual loss.