Octopus Energy’s Kraken lands $1bn funding round as spinout plans sharpen
London, January 6, 2026, 23:14 GMT Octopus Energy’s software arm Kraken has raised about $1 billion in its first standalone equity round, valuing the utility technology business at $8.65 billion, Ontario Teachers’ Pension Plan said on Monday. Octopus will keep a 13.7% stake in Kraken after the split, it said. OTPP The carve-out puts fresh capital behind a bet that utilities will pay up for modern systems as grids strain under electrification and more variable renewable power. It also aims to make Kraken easier to sell to rival suppliers by loosening its ties to Octopus, which operates a large retail