Mitsubishi Purchases Stake In Retail Energy Supplier, Will Accelerate Supplier's Expansion
OVO (parent of U.K. retail supplier OVO Energy) announced a strategic investment from Mitsubishi Corporation for a 20% stake in the business.
OVO will use the proceeds of Mitsubishi Corporation’s strategic investment to expand into new markets across Europe and Asia Pacific and accelerate the development of a new intelligent energy technologies unit, Kaluza.
This new division within the OVO portfolio develops and manages software and hardware to support the integration of electric vehicles and dynamic battery storage onto the grid.
OVO said that it is the largest U.K. independent energy supplier with over 1.5 million customers.
Katsuya Nakanishi, Executive Vice President, Group CEO of Power Solution Group, effective April 1st 2019, of Mitsubishi Corporation said: "OVO’s business model, long-term vision for the energy sector and culture align well with our own. They are precisely the sort of technology driven and innovative firm we have been looking for in order to strengthen the downstream business in the energy sector."