OVO Energy, a leading energy supplier in the UK, has agreed to acquire SSE’s household energy and related services business for £500 million.
Together, the companies serve almost 5 million households across the UK. OVO currently serves 1.5 million customers. SSE Energy serves 3.5 million household customers in GB.
“OVO has been investing heavily in scalable operating platforms, smart data capabilities and connected home services, ensuring we’re well positioned to grow and take advantage of new opportunities in a changing market,” Stephen Fitzpatrick, CEO and founder of OVO, said in a statement.
Stephen Fitzpatrick founded OVO in 2009 to transform the energy market with greener and simpler energy. OVO has increased its UK customer base by 50 percent in the last year and opening operations in France and Spain. OVO has plans to open in Australia, Germany and Italy next year.
Earlier this year, OVO has received strategic investment from Mitsubishi Corporation. OVO has launched the world’s first domestic vehicle-to-grid charger. It is developing the software required to integrate electric vehicles onto the grid. It is investing in dynamic battery storage to allow homes to sell energy back to the grid.
OVO has negotiated rights to use the SSE master brand under licence for a transitional period, and acquired regional brands as part of this transaction.