• Mayfair Equity Partners reinvests proceeds from the sale of OVO's retail energy business into Kaluza, the international energy technology platform spun out of OVO
  • Stephen Fitzpatrick will be stepping down as CEO and remains a shareholder, alongside Mitsubishi Corporation and AGL 
  • Andy Cox moves from Chair to Executive Chair, leading Kaluza’s executive team and the search for a new CEO
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LONDON, UK, Thursday 10th September 2026 – Kaluza, the energy intelligence platform used by utilities and leading corporations across Europe, Australia, Japan and North America, today announces a further investment to support the next phase of the company’s evolution.

The investment follows the sale of OVO’s UK retail energy business to E.ON, announced in May 2026 and subject to regulatory approvals. Mayfair, OVO’s first external equity investor in 2015, is committing capital from that transaction to Kaluza, which was incubated at OVO and now operates as an independent energy intelligence platform. AGL, Mitsubishi Corporation and Kaluza founder Stephen Fitzpatrick continue as co-investors. Terms of the investment are not being disclosed.

Kaluza has moved from a single-customer subsidiary to an independent platform serving four major clients across eight markets, including AGL and ENGIE, tripling its contracted recurring revenue over that period. AGL acquired a 20 per cent stake in June 2024 in one of the sector’s largest energy technology investment rounds, and the platform now supports millions of meters worldwide. Kaluza has since acquired Australian energy software specialist Beige Technologies, established a joint venture with Mitsubishi Corporation in Japan, and built vehicle-to-grid partnerships with BMW Group, Volkswagen Group UK, Wallbox and Hyundai Motor Group. On completion of the E.ON transaction, E.ON will continue its licence agreement with Kaluza and evaluate adoption across the wider E.ON group outside the UK.

Alongside the investment, Andy Cox becomes Executive Chair, leading Kaluza’s highly experienced executive team. Cox joined the Kaluza Board in 2025 and became Chair earlier this year. He is Head of Energy Transition at Howden Group Holdings, was Executive Chair at electrification platform Zoa, and was previously senior partner and Head of UK Energy & Natural Resources at KPMG, where he worked extensively across international markets including Japan.

Andy Cox, Executive Chair of Kaluza, said: “Kaluza has built something genuinely rare in this sector, a platform that global utilities trust to run their most critical operations, proven at scale across eight markets. My focus is on execution, on delivering for the utilities that depend on us every day, and on giving the team the clarity and pace it needs. Having Mayfair, AGL, Mitsubishi and Stephen behind us at this point tells you how much conviction there is in what this company can become.”

Stephen Fitzpatrick, founder of Kaluza, said: “The world of software and AI is changing rapidly, and the companies that win will have a clear vision and the ability to act decisively. Kaluza now has that opportunity and an amazing team who are able to seize the opportunity.”

Daniel Sasaki, Managing Partner at Mayfair Equity Partners, said: “We backed Stephen and his business more than a decade ago, and Kaluza is one of the most compelling energy technology companies anywhere in the world. Energy systems across every continent were built around one-way power flows and passive customers, and Kaluza recognised early what they would need to become. Major utilities in eight markets now run on its platform. Committing further capital at this moment reflects our conviction in the platform, in Andy and the team, and in the global opportunity ahead.”

Damien Nicks, AGL CEO said: "Kaluza is delivering a foundational technology platform that will support our 4.6 million AGL customer services.  It will help us improve our customer experience and accelerate electrification and achievement of our operational goals – while supporting our own AI journey through access to data and insight. As a shareholder, I'm also pleased this foundation is being leveraged by other major retailers globally, meaning Australian consumers can benefit from features delivered across many markets."

ENDS

About Kaluza

Kaluza is the energy intelligence platform enabling energy providers to orchestrate a reliable, affordable and clean energy system. Its modular technology transforms utility operations, delivers a human-centric customer experience and enables low-carbon services, powered by real-time data and AI. With offices across Europe, North America, Australia and Japan, Kaluza partners with utilities globally. Visit kaluza.com.

About Mayfair Equity Partners

Mayfair Equity Partners is a mid-market investor that partners with exceptional management teams to build digital leaders. Managing £2 billion of assets, Mayfair invests in digital ecosystems where market dynamics and technological advances create opportunities for the next generation of leaders. Mayfair provides management teams with specialist support that strengthens business foundations and accelerates performance, through digital transformation, international expansion and M&A.