UK-based Octopus Energy Group operates multiple business lines, all focused on the renewable energy transition. Kraken is its AI-based services platform for utility companies including National Grid and EDF Energy in the UK, Tokyo Gas in Japan, and E.ON in Germany.
A new $1 billion funding round is the first Octopus raised specifically for Kraken. The round was backed by D1 Capital Partners, Fidelity International, Durable Capital Partners and Ontario Teachers’ Pension Plan Board.
With the capital, Octopus will spin off the unit into a standalone company valued at $8.6 billion. Octopus will retain a 13.7% stake.
