Ovo has unveiled an investment from Mitsubishi for a 20% stake in the business.
Ovo will use the proceeds of Mitsubishi to expand into new markets across Europe and Asia Pacific, as well as accelerate development of its energy technologies unit, Kaluza.
The new division within the Ovo portfolio develops and manages 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.
Avo adds analysis from Imperial College London indicates that the market value of integrating energy devices, such as EV-to-grid chargers and dynamic batteries, could be up to GBP6.9bn (US$7.8bn) per year in the UK alone.
“Transitioning away from fossil fuels is the biggest challenge we face in the 21st century,” said Ovo founder and CEO, Stephen Fitzpatrick.
“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 will help us get there.”