Thames Water Bidder Covalis to Partner With Octopus Energy Unit
- Covalis is a bidder in Thames’s equity raise process
- Octopus used Kraken to migrate 1.5 million Bulb customers
Engineers' vans parked at the Thames Water South Woodford pumping station in London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Covalis Capital is partnering with Octopus Energy Group’s technology arm, Kraken, to help manage Thames Water’s 16 million customers if it’s successful in an equity raise process.
Kraken would help manage customer accounts and billing under the ownership of Covalis, according to a person familiar with the matter who asked not to be named discussing private matters. In 2022, Octopus used Kraken to migrate 1.5 million energy customers from Bulb, after it was taken into special administration.