OCTOPUS ENERGY has sold a minority stake in its software arm Kraken Technologies — valuing the business at £6.4billion.
The artificial intelligence platform connects more than 70million energy accounts worldwide.
The move will prime it for a possible stock market float.
Movie buffs know the Kraken as the sea monster from Clash of the Titans.
The UK’s largest energy supplier has raised £740million by selling equity in Kraken to a consortium including D1 Capital Partners, Fidelity International and a unit of Ontario Teachers’ Pension Plan.
Most of the cash will flow into Octopus Energy, with a further £237million injected into the group by investors led by Octopus Capital for “innovation and growth”.
After the split, Octopus will retain a 13.7 per cent stake in Kraken.
A float could come next September in London or New York.
Greg Jackson, founder of Octopus Energy Group, said: “As an independent company with world-class backers it will be free to grow even faster.”
Kraken boss Amir Orad said independence would let it scale as a “neutral, global operating system”.
Octopus Energy Group reported a £260.1million pre-tax loss in the year to April 30 as gas usage slid 11 per cent in March and 25 per cent in April owing to warm weather.
FREE TO PITCH
OCADO is gearing up for a fresh global sales push after exclusivity deals with most of its retail partners expired.
Boss Tim Steiner said the firm would bring its full suite of artificial intelligence-powered and robotic solutions to multiple markets while continuing to support existing partners.
The group, which runs a venture with M&S, was dealt a blow after grocer Kroger scrapped plans for a warehouse.
WORLD BEATER
INVESTORS are popping the Champagne corks after global markets smashed records with their best performance since 2019.
The MSCI World Index jumped 21 per cent in 2025.
The UK has also beaten the US, with the FTSE 100 rising by 20 per cent compared to the S&P 500’s 17 per cent gain.
Artificial intelligence is the driving force, led by Alphabet, which rose 65 per cent, while chip giant Nvidia soared 40 per cent.
ITALY’S CHUNNEL GRAB
ITALY’S state-owned railway has launched a bid to run high-speed trains between London and Paris, rivalling Sir Richard Branson in the Eurostar race.
FS Italiane Group plans to bypass a lack of space in British rail depots by building a base in France.
It aims to launch its 250mph Red Arrow trains by 2029, a year before Virgin’s start date.
The plan is fuelled by an £873million deal with US private equity firm Certares.
FS Group looked defeated after losing a contest for UK depot space two months ago but is now back on track.