Octopus Energy to sell stake in software spin-off Kraken at $8.65B valuation
4 months ago
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- #technology
- #investment
- Octopus Energy sells a stake in Kraken, valuing it at $8.65bn.
- Kraken's software is crucial for managing customer billing, smart meters, and renewable energy solutions.
- New investors, including Fidelity International and Ontario Teachers’ Pension Plan Board, acquire a $1bn stake.
- Octopus retains a 13.7% stake in Kraken after spinning it out as a standalone company.
- Kraken is licensed to energy suppliers like E.ON, EDF, Tokyo Gas, and Origin Energy.
- Octopus founder Greg Jackson hints at potential stock market listing for Kraken, possibly on the London Stock Exchange.
- Octopus reports a pre-tax loss of £260m due to warm weather and strategic investments.
- The company has expanded its workforce to 10,000 employees.