#London #United Kingdom #Kraken #Octopus Energy #D1 Capital Partners

Kraken: A New Chapter in Energy Technology

In a significant move in the energy sector, Kraken, a technology firm specializing in utility-grade AI, has officially separated from Octopus Energy Group to operate as an independent company. This transition has been facilitated by a monumental investment round, totaling approximately $1 billion, spearheaded by D1 Capital Partners alongside additional prominent institutional investors such as Ontario Teachers’ Pension Plan (OTPP) and Fidelity International.

A Strong Financial Backing

The recent funding not only marks Kraken’s independence but also involves new and existing investors acquiring shares valued at about $1 billion. This significant financial backing illustrates investor confidence in Kraken’s innovative approach to energy management. Furthermore, Octopus Capital has also bolstered Octopus Energy Group with around $320 million in additional funding, enabling the group to retain 13.7% of Kraken while enhancing its financial base.

Supporting Over 70 Million Accounts with AI Technology

Launched under the umbrella of Octopus Energy Group, Kraken has evolved into an industry leader, actively supporting over 70 million customer accounts across major utility companies worldwide. The company utilizes its proprietary Utility-Grade AI™ platform to manage vast amounts of data—processing more than 15 billion data transactions daily. Kraken recently reported its annual contract revenue surpassing $500 million, marking a remarkable fourfold increase in just three years.

Accelerating Global Expansion and Partnerships

With its newfound independence, Kraken aims to accelerate its offering to global utility providers while maintaining a neutral stance as a technology platform. This allows them to forge new partnerships and drive the modernization of utility operations. Stakeholders can expect Kraken to operate under distinct governance, a separate shareholder structure, and its own executive management team. Meanwhile, Octopus Energy Group will concentrate on expanding its ventures in consumer services, generation, and clean technology.

Insights from Leaders

Greg Jackson, Founder of Octopus Energy Group, expressed his belief in Kraken’s unique capabilities, stating, "Kraken stands unparalleled in terms of technology, functionality, and scale. Under world-class investors and outstanding leadership, it is poised to become a successful example out of the UK."

Amir Olado, CEO of Kraken, highlighted the advantages of independence, saying, "Becoming an independent entity allows us to scale more quickly and flexibly. With D1 and other investors' backing, we plan to enhance our collaborations with global utilities to modernize the energy system at a global level."

Dan Sandheim, Founder and CIO of D1 Capital Partners, emphasized Kraken’s apparent value to utility companies, remarking that customers’ satisfaction rates and growth viability would immensely enhance under strong leadership. He expressed eagerness to partner with Kraken in this new chapter.

About Octopus Energy Group

Octopus Energy is an innovative energy technology company focused on delivering clean and affordable energy. Operating in 27 countries, it supports over 11 million households globally with superior customer experiences and cutting-edge energy services, managing about £7 billion worth of renewable energy assets across a wide range of energy value chains, including EV leasing and solar projects.

About Kraken

Kraken serves as one of the most reliable operating systems in the energy industry, utilizing Utility-Grade AI™ and extensive industry insights to facilitate operational transformations for utility companies. Supporting a diverse client base from households to large-scale industries, Kraken aims to drive significant operational efficiencies, achieving up to 40% improvements in business processes and tripling customer satisfaction rates. The company is headquartered in London and New York, with operations extending to Paris, Tokyo, and Melbourne, all while pursuing the mission to enhance the lives of one billion people in the next decade.

For more information, visit Kraken or Octopus Energy.