Core Viewpoint - Octopus Energy is spinning off its technology arm, Kraken, as an independent company valued at $8.65 billion following a funding round led by D1 Capital Partners [1] Group 1: Investment and Funding - New and existing investors will purchase approximately $1 billion of equity in Kraken, with Octopus Capital also injecting an additional $320 million into Octopus Energy [2] - Investors in this funding round include Ontario Teachers' Pension Plan, Fidelity International, and Durable Capital Partners [2] Group 2: Demerger and Future Plans - The investment facilitates Kraken's formal demerger from Octopus Energy, which will retain a 13.7% stake in Kraken [3] - The demerger may pave the way for a potential IPO of Kraken within two years, which could lead to an eventual flotation of Octopus Energy [3] Group 3: Kraken's Operations and Revenue - Kraken licenses its AI-powered operating system to utilities globally and is contracted to serve over 70 million accounts [4] - In September, Kraken reported contracted annual revenue exceeding $500 million [4] Group 4: Additional Investments - Australia's Origin Energy will invest about $140 million in Kraken's fundraising and will hold a 22.7% interest in the platform post-transaction [4] - Origin Energy has agreed to waive exclusivity for Kraken's services in Australia in exchange for an additional 1.5% equity interest [5]

Core Insights - ADNOC has announced a $150 billion investment plan for 2026–2030, marking a significant commitment to oil, gas, and industrial expansion in the UAE [1][2] - The investment will focus on upstream capacity maintenance, increased natural gas output, and growth in downstream and chemicals [2][4] - ADNOC aims to enhance gas self-sufficiency and position Abu Dhabi as a net LNG exporter later in the decade [4] Investment Strategy - The $150 billion investment will be allocated to various sectors, including upstream, natural gas, and downstream chemicals [2] - ADNOC is developing unconventional resources in Abu Dhabi, estimated at 160 trillion standard cubic feet (tscf) of gas and 22 billion stock tank barrels (stb) of oil [2] Ghasha Concession - A key component of the strategy is the establishment of ADNOC Ghasha, focusing on the Ghasha Concession, which includes several major fields [3] - The Ghasha Concession is projected to produce 1.8 billion standard cubic feet per day (bscfd) of gas and 150,000 barrels per day (bpd) of oil and condensates [3] Economic Impact - ADNOC plans to invest $60 billion into the domestic economy through its In-Country Value (ICV) program from 2026 to 2030 [4] - The ICV initiative has already contributed $83.7 billion to the UAE economy since 2018, supporting job creation and industrial development [4] Localization Efforts - ADNOC has signed $21.8 billion in local manufacturing offtake agreements, aiming to source $24.5 billion in industrial products domestically by 2030 [5] Downstream Growth - The TA'ZIZ chemicals ecosystem in Al Ruwais is advancing, with Phase 1 projects underway, expected to produce 4.7 million tonnes per annum of industrial chemicals [6] - ADNOC's total chemicals output is projected to reach 11 million tonnes per annum by 2028 [6] Technological Ambitions - ADNOC aims to become "the world's most AI-enabled energy company," focusing on the deployment of analytics, robotics, and autonomous operations [7]