Mitsubishi Corporation invests in UK-based energy tech firm OVO Group

	Mitsubishi Corporation would obtain 20 percent shares in the firm
	 
	The conglomerate would appoint a director on the management team of OVO Group


Japanese conglomerate Mitsubishi Corporation has reportedly declared that it has invested in the UK-headquartered innovative energy services firm OVO Group Limited (OVO). As per trusted sources, Mitsubishi Corporation is likely to dispatch a director to join the management team of OVO Group and would obtain 20 percent shares in the firm.

Reportedly, Mitsubishi Corporation has been active in the renewables business in Europe for quite some time, especially in the offshore wind energy domain. The conglomerate’s latest investment in OVO Group would accelerate its growth in what is currently a very stable business portfolio and it also will be an opportunity for the company to contribute to developments in the industry by creating a new kind of energy business that utilizes digital technology.

According to a press release issued by Mitsubishi Corporation, the new investment would strengthen company’s operations in the downstream business and services sector, as noted in its ‘Midterm Corporate Strategy 2021’. Sources familiar with the development claim that the energy business is moving into a new era, where a drastic change in the environment is being seen and special emphasis is being placed in the themes such as Digitalization, Decentralization, and Decarbonization.

For the record, OVO Group Limited, founded in 2009, entered the UK’s energy market by offering a customer centric service via utilization of digital technology such as IoT and AI. The company has been creating new technologies such as smart electric vehicle chargers, home energy storage, and more, all of which are anticipated to further popularize the usage of renewables. It currently supplies energy to about 1.5 million customers and has emerged as the biggest independent supplier in the United Kingdom.