Ovo Energy has confirmed Mitsubishi Corporation has bought a 20 percent stake in the company in a move it claims will “accelerate” its international expansion.
Ovo said it will use the proceeds of Mitsubishi’s investment to expand into new markets across Europe and Asia Pacific and aid the development of its intelligent energy technologies unit, Kaluza.
This new division within the Ovo portfolio will develop and manage software and hardware to support the integration of electric vehicles and dynamic battery storage onto the grid.
“Dynamic charging and other integration technologies will be essential to support the energy market’s expected transition from two-thirds fossil fuels in 2017 to two-thirds renewable energy by 2050,” OVO said in a statement.
Research from Imperial College London has shown that the market value of integrating energy devices, such as EV-to-grid chargers and dynamic batteries, could be up to £6.9bn per year in the UK alone.
Stephen Fitzpatrick, founder and chief executive 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.”