News Summary

• British renewable energy provider Octopus Energy is spinning off Kraken, its tech platform for utilities.
• The spinoff would help Kraken minimize conflicts of interest as it signs deals with utilities and power providers that aren’t Octopus.
• An eventual Kraken IPO could be valued at $15 billion and could occur within a year, according to The Wall Street Journal.
• Octopus was founded in 2015, and within a decade became the U.K.’s largest energy provider, overtaking British Gas.