Freshfields Advised Octopus Energy On Spin Out And First Standalone Investment Round Into Technology Platform Kraken At A Valuation Of $8.65bn
Freshfields Advised Octopus Energy On Spin Out And First Standalone Investment Round Into Technology Platform Kraken At A Valuation Of $8.65bn
Freshfields is advised longstanding client and the UK’s largest household energy supplier Octopus Energy on the first standalone investment round into its world-leading AI-powered operating platform, Kraken. The funding round values Kraken at $8.65bn, and is led by D1 Capital Partners and includes other new investors Fidelity International, Durable Capital Partners and Ontario Teachers’ Pension Plan Board. The new investors, together with existing Octopus Energy investors, will acquire c. $1bn of Kraken equity to fund both Octopus and Kraken, while investors led by Octopus Capital are injecting a further $320m into Octopus Energy.
The investment round paves the way for Kraken’s demerger from Octopus Energy, enabling Kraken to operate as a fully independent technology platform for utilities worldwide, accelerating global adoption and deepening partnerships, while allowing Octopus Energy to focus on scaling its consumer, generation, and clean technology businesses.
Freshfields team was led by Ed Cole (Partner), Tom Godwin (Partner), supported by Yoel Gordon (Associate), Tom Hirao-Sandford (Associate), and Matt Goulding (Partner), and Michal Netanyahu (Counsel), and Andrew Rondeau (Associate), advised from a US private capital perspective. David Haworth (Partner), and Rose Swaffield (Counsel), Benjamin Crompton (Senior Associate), and Tom Gardner (Associate), provided tax advice; Giles Pratt (Partner), and Tom Dye (Counsel), and Vanessa Jiang (Associate), advised on IP and separation aspects; Andrew Heathcote (Partner), and Magdalen Olonilua (Associate), advised in relation to Octopus Energy’s banking facilities; Michele Davis (Partner), and Harriet Drury (Senior Associate), Kaidy Long (Senior Associate), and Anna Smith (Associate), supported on antitrust/regulatory matters; and David Mendel (Partner), Regina Erie (Counsel), and Sarah Richardson (Associate), advised on employment and incentive arrangements.
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