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Ovo Energy to acquire SSE in £500 million deal

Bristo headquartered energy supplier OVO Energy has agreed to acquire SSE’s household energy and related services business for £500 million, marking a significant moment for the energy industry. Together, the companies serve almost 5m households across the UK and will be UK’s 2nd largest energy company.

The acquisition will accelerate OVO’s ambition to provide clean,  energy for everyone utilising the latest technology decarbonise their homes.  Earlier this year, OVO has secured a significant strategic investment from Mitsubishi Corporation. This has allowed OVO to invest in the technology required to help the UK to transition to a zero-carbon future.  For example, OVO has launched the world’s first domestic vehicle-to-grid charger, it is developing the software required to integrate millions of electric vehicles onto the grid, and it is investing in dynamic battery storage to allow homes to sell energy back to the grid.

Stephen Fitzpatrick, CEO and Founder of OVO said “This transaction marks a significant moment for the energy industry. Advances in technology, the falling cost of renewable energy and battery storage, the explosion of data and the urgent need to decarbonise are completely transforming the global energy system.

“For the past three years 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.

SSE and OVO are a great fit. They share our values on sustainability and serving customers. They’ve built an excellent team that I’m really looking forward to working with.”