Origin Energy (ASX:ORG) announced a major milestone for Kraken Technologies, confirming a US$1 billion first standalone equity raising that values the energy technology platform at US$8.65 billion and paves the way for its formal separation from Octopus Energy, targeted for mid-2026.
Origin will invest US$140 million in the raising and, after agreeing to waive exclusivity to the Kraken platform in Australia in exchange for an additional 1.5% equity, will retain a total economic interest of 22.7% in Kraken, matching its stake in Octopus Energy.
The capital raising, led by D1 Capital Partners and joined by new and existing investors, including a major new licensing customer adding more than 10 million accounts, will fund independent growth for both businesses, with US$150 million retained in Kraken and the balance supporting Octopus Energy.
Origin CEO Frank Calabria said the transactions underscore Origin's long-held confidence in Kraken's technology and growth prospects, noting that Kraken is rapidly approaching its target of 100 million customer accounts amid strong global demand for its platform.