<\/p>\n
Octopus Energy has agreed to sell a stake in its Kraken software arm, in a move that would value the division at $8.65bn (\u00a36.4bn) and could open the way for a stock market flotation.<\/p>\n
The technology, which it already licenses to some rival suppliers, has been vital to the energy company\u2019s success, making it easier to manage customer billing, smart meters, electric vehicle charging and home batteries to make using renewable power cheaper.<\/p>\n
Octopus said new investors, including the asset manager Fidelity International and the Ontario Teachers\u2019 Pension Plan Board, had joined existing shareholders to acquire a $1bn stake in the business.<\/p>\n The stake sale, which leaves Octopus with a 13.7% stake in Kraken, comes after Octopus announced in September that it was planning to spin out the division as a stand-alone company.<\/p>\n The Octopus founder, Greg Jackson, said in a statement: <\/strong>\u201cKraken is in a class of its own, in terms of technology, capability, and scale. As an independent company with world-class backers and outstanding leadership, it will be free to grow even faster and is set to be a true UK-founded success story.\u201d<\/p>\n Octopus is Britain\u2019s largest household energy supplier, having taken the crown in January from British Gas,<\/a> which held the position for nearly four decades after its privatisation under Margaret Thatcher.<\/p>\n