Home / Business and Economy / Kraken Tech Valued at $8.65B in Energy Software Boom
Kraken Tech Valued at $8.65B in Energy Software Boom
30 Dec
Summary
- Kraken Technologies valued at $8.65 billion in its first standalone funding.
- Software platform Kraken powers Octopus Energy's growth to 7 million customers.
- Origin Energy maintains a significant stake as Kraken prepares for separation.
Kraken Technologies, a vital software platform for managing the energy transition, has been valued at $8.65 billion after its first independent equity raise. This significant valuation highlights its crucial role in Octopus Energy Group's rapid growth, propelling it to become the UK's largest electricity supplier with over 7 million customers.
New investors, including D1 Capital Partners, and a major energy retailer with over 10 million clients, have participated in the $1 billion equity sale. Origin Energy, a key shareholder holding approximately one-fifth of Octopus Energy, committed $140 million to the fundraising effort.
The software's licensing to other providers allows for better management of power flows with increasing adoption of electric vehicles and home energy solutions. Kraken is targeted for a formal separation from Octopus Energy by mid-next year, with Origin Energy retaining a direct interest.
