CBI member, Mitsubishi Corporation has announced that it will acquire a 20% stake in the UK-based innovative energy service provider, OVO Group.
OVO Group is an energy supply company based in Bristol. The company hopes to revolutionise domestic energy supply, by utilising digital technologies, such as AI and IoT, to position itself as an energy ‘platformer’ and improve the management of the supply of energy from renewable sources.
Mitsubishi Corporation’s existing investment portfolio in renewable energy in Europe predominantly concerns offshore wind power generation. The company has plans to expand its presence in Europe and its role as a leading supporter of innovation within the sector.
Mitsubishi Corporation issued a press release highlighting how: “This investment in OVO is not only an opportunity for Mitsubishi Corporation to contribute to developments in the industry by establishing a new type of energy business that makes use of digital technology; it also stands to stimulate more growth in what is currently a very stable business portfolio by strengthening [Mitsubishi Corporation’s] operations in the service sector and downstream business.”
The specifics of the deal see Mitsubishi Corporation obtain 20% of shares in OVO and will dispatch a director to join OVO’s management team. The acquisition is part of Mitsubishi Corporation’s Midterm Corporate Strategy 2021, which aims to incorporate digital technologies and make them a core part of Mitsubishi’s business across all sectors.
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