Mitsubishi Corporation(MC) is pleased to announce its decision to invest in UK-based innovative energy service provider OVO Group Limited(OVO). MC will obtain 20% of shares in OVO and will dispatch a director to join OVO’s management team.
Established in 2009, OVO burst into the UK’s energy market by providing a truly customer centric service through utilization of digital technology such as AI and IoT. OVO currently supplies energy to 1.5 million customers, having grown to become the largest independent supplier in the UK. OVO prides itself on its flexibility and agility in providing a personalized customer experience which is realized by using digital technology.
MC has been active for some time now in the renewables business in Europe, including offshore wind. This investment in OVO is not only an opportunity for MC to contribute to developments in the industry by establishing a new type of energy business that makes use of digital technology; it also stands to stimulate more growth in what is currently a very stable business portfolio by strengthening its operations in the services sector and in downstream business, as stated in MC’s “Midterm Corporate Strategy 2021”.
The energy business is entering a new era, where a massive change in the environment which places emphasis on the themes Decarbonization, Decentralization, Digitalization will enable the demand side to also take part in balancing demand and supply. OVO is endeavoring to become an energy “platformer” utilizing its digital capabilities. The company has been developing new technologies such as home energy storage, smart electric vehicle chargers and more, all of which are expected to further popularize the use of renewables. Through its proprietary innovative software, OVO will contribute to balancing fluctuation in the supply of renewables by managing and remotely controlling energy storage/smart thermostat/electric vehicles in households.
This capital alliance with OVO, a company which shares its vision for the future energy, will help MC to generate economic, societal and environmental value and in so doing contribute to the transition to a low-carbon society and to environmental conservation.
1. Mitsubishi Corporation
Headquarters: 3-1 Marunouchi 2-Chome, Chiyoda-ku, Tokyo, Japan
Main Business: MC is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.
Representative: Takehiko Kakiuchi, President and CEO
2. OVO Group Limited
Headquarters: 1 Rivergate, Temple Quay, Bristol BS1 6ED
Main Business: OVO is the UK’s leading greentech company. Serving more than 1.5m customers with intelligent energy services, the company has pioneered new technologies including distributed energy storage and electric vehicle to grid integration.
Representative: Stephen Fitzpatrick, Founder and CEO