Mitsubishi Corporation buys stake in OVO

OVO has announced a strategic investment from Mitsubishi Corporation for a 20 per cent stake in the business and will use the proceeds to expand into new markets across Europe and Asia Pacific and accelerate the development of its intelligent energy technologies unit, Kaluza.

The business has grown rapidly over the past decade and is the largest UK independent energy supplier with over 1.5m customers.

Stephen Fitzpatrick, Founder and CEO of OVO, said: “Transitioning away from fossil fuels is the biggest challenge we face in the 21st Century. The costs of EVs, battery storage and wind and solar power have fallen dramatically in recent years, but it’s becoming increasingly complex to integrate them onto the grid. To succeed, we will need to develop new technology and redesign the energy system around the customer. We want to be at the forefront of that global, tech-enabled transition to a zero carbon energy system. This investment from Mitsubishi Corporation will help us get there.”

Mitsubishi Corporation has approximately 6,200 MW of energy assets under management and operation worldwide which is roughly equivalent to energy supply for 8.5 million households.

Greentech Capital Advisors acted as the exclusive financial advisor to OVO.

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