Mitsubishi invests £216 million in Ovo Energy despite Brexit

Mitsubishi bought a 20 per cent stake and invests £216 million in Ovo Energy, the seventh largest energy supplier in UK , as the Japanese industrial group seeks a foothold in the digital energy transition. Ovo said the cash injection would help fund international expansion. The funding hits Ovo value to £1bn and would support development of a new technology focusing on services that help consumers to use less energy at peak times. Last year it launched a vehicle-to-grid charger that lets people sell surplus power from their car batteries to the grid. Ovo sold in 2015 a 15 per cent stake to Mayfair Equity Partners for £31million.

Stephen Fitzpatrick, Ovo founder and CEO and former owner of the Manor Racing team and the President of Vertial Aerospace said “ Britain’s energy sector is a very difficult business and our ambition is to go beyond the UK, as the company is already in Germany and would aim to launch in France in July 2019, followed by Australia and Spain.

The stake sale will leave Mr Fitzpatrick with a majority share. Mitsubishi which has been active in renewable energy generation including offshore wind in Europe, said: “the acquisition would strengthen its operations in the service sector, and was attracted by Ovo’s technology expertise.

Last year, the Royal Dutch Shell bought First Utility,