Mitsubishi to buy into UK greentech firm OVO

Solar panels in London. Author: Tom Page. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

February 21 (Renewables Now) - UK greentech company OVO Group Limited has secured a minority investment from Mitsubishi Corporation (TYO:8058), which is already active in the renewable energy sector in Europe.

The Japanese conglomerate said in a statement that it has decided to buy a 20% stake in OVO, a move that will result in dispatching a director to join the UK firm’s management team. The value of the deal was not disclosed.

Set up in 2009, OVO provides energy services covering technologies such as distributed energy storage and electric vehicle to grid integration. The firm currently delivers energy to 1.5 million customers, making use of digital technologies such as Artificial Intelligence (AI) and Internet of Things (IoT).

Mitsubishi noted that its partnership with OVO will generate economic, societal and environmental value and added that the technologies being developed by the UK firm will further popularise the use of renewables.

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