Ovo acquires minority stake in blockchain firm Electron. Ovo Energy, the UK’s seventh largest energy supplier, has made its first investment since Mitsubishi Corporation acquired a minority stake in the company last month.
Utility Week 12th March 2019 read more »
The deal is the first strategic investment for Kaluza, a new division within Ovo that develops and manages software and hardware to support the integration of electric vehicles, electric heating and battery storage onto the grid. Following a £200m investment from Mitsubishi, the energy supplier now has the financial muscle to intensify its smart grid technology play. It said the Electron investment would be the first of many this year. Following the deal, co-founder and chief operating officer Jo-Jo Hubbard will step up to CEO, with Paul Massara taking a back seat as adviser and investor.
The Energyst 12th March 2019 read more »
Business Green 12th March 2019 read more »