Herbert Smith Freehills Kramer advises Origin Energy on a series of transactions relating to its investment in Kraken Technologies

Herbert Smith Freehills Kramer (HSF Kramer) is pleased to have advised Origin Energy Limited on a series of transactions relating to its investment in global energy software company, Kraken Technologies Limited.

Kraken, the energy technology arm of UK based Octopus Energy, will raise US$1 billion in equity in its first standalone raising. The investment round provides the first look-through valuation of Kraken standalone at US$8.65 billion.

Origin, which holds its current interest in Kraken through its stake in Octopus Energy, will invest US$140 million (A$210 million) as part of the process which includes both a primary equity raise and a secondary sale process. In a separate agreement, Origin will receive an additional 1.5% interest in Kraken in exchange for agreeing to waive exclusivity to the Kraken platform in Australia.

These transactions are part of the ongoing path to separate Kraken from the broader Octopus business, to put each company in a strong position to pursue their individual growth paths.