OVO was founded by CEO Stephen Fitzpatrick in 2009 to disrupt the UK energy market with a new proposition – cheaper, greener and simpler energy.
The business has grown rapidly over the past decade to become the largest UK independent energy supplier with over 1.5 million customers. Expanding into smart home services and investing heavily in new technologies including energy storage and electric vehicle charging, the company launched the world’s first domestic vehicle-to-grid charger for electric vehicles last year.
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.”
The deal is a strategic investment for Mitsubishi Corporation, a global integrated business enterprise headquartered in Japan, which 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. Mitsubishi Corporation is present across the entire renewable energy value chain, owning and operating renewable energy assets, energy trading, manufacturing lithium-ion batteries and investing in distributed renewable energy projects including energy storage.
Stephen Fitzpatrick continued:
“OVO and Mitsubishi Corporation share the same vision for the future of energy: secure, distributed and consumer centric, with affordable clean energy for everyone. We’re delighted to be working with an exceptional global partner which is perfectly placed to help us accelerate our international expansion and technology roll out.”
Greentech Capital Advisors acted as the exclusive financial advisor to OVO.