Octopus Energy Launches China Operations, Sells Stake in Kraken
Octopus Energy Group has announced two significant developments in its international operations.
The UK-based company has partnered with PCG Power to form Bitong Energy, a joint venture for trading renewable electricity in China’s spot power markets. Initial operations will begin in Guangdong province, with plans to expand nationwide as additional regional markets open. Bitong Energy aims to trade up to 140 terawatt-hours of renewable electricity annually by 2030 and target annual profits of approximately $68 million, with roughly half expected to return to the UK. The venture will use Octopus Energy’s proprietary software for real-time trading, asset optimization, and battery management.
Separately, Octopus Energy has sold a stake in its software unit Kraken Technologies, valuing the platform at $8.65 billion. The funding round was led by D1 Capital Partners and included Fidelity International, Durable Capital Partners, and an arm of the Ontario Teachers’ Pension Plan Board. Octopus Energy will retain a 13.7% stake after the planned spin-off. Kraken currently serves more than 70 million accounts globally and provides software for utilities managing renewable generation, electric vehicles, and other customer energy assets. Following the demerger, Origin Energy is expected to hold 22.7% stakes in both Kraken and Octopus.
Source: finance.yahoo.com
