Curious about who’s behind one of the UK’s popular energy suppliers? Let’s take a look at the current ownership of OVO Energy.
OVO Energy was founded by entrepreneur Stephen Fitzpatrick and has gone through some interesting ownership changes recently.
OVO Energy is now owned by Energy Transition Holdings, after cutting ties with Imagination Industries in March 2023. However, founder Stephen Fitzpatrick remains closely connected to the company.
The relationship between OVO and its founder has evolved over time. In a significant development, OVO Energy struck a £150m deal to acquire its brand from Fitzpatrick. This non-cash transaction involved OVO taking control of its brand through the issuance of shares to Fitzpatrick, showing how the company continues to transform while maintaining ties to its original vision.
Key Takeaways
- OVO Energy transitioned from being owned by Imagination Industries to Energy Transition Holdings while maintaining connections with founder Stephen Fitzpatrick.
- The company acquired its own brand from Fitzpatrick through a significant non-cash transaction involving share issuance.
- OVO expanded its market presence by purchasing SSE’s retail business in 2020, strengthening its position as a major British energy supplier.
Company Overview
OVO Energy is a British energy supplier that began its journey in September 2009. The company was founded by Stephen Fitzpatrick, who started the business with the aim of supplying electricity and gas to homes across the UK.
Today, OVO has grown to become Britain’s fourth-biggest household energy supplier. They focus on making energy cheaper, greener, and simpler for their customers.
The ownership structure of OVO Energy has evolved over time. While Stephen Fitzpatrick remains the majority shareholder, the company has attracted other investors including Mayfair Equity Partners, Mitsubishi Corporation, and others.
In a recent development, OVO Energy purchased its own brand from Fitzpatrick in a deal worth £150 million. This strategic move shows the company’s commitment to controlling its identity and future direction.
The company is now owned by a standalone entity called Energy Transition Holdings, after cutting ties with another Fitzpatrick company called Imagination in March 2023.
OVO positions itself as an energy technology company that’s focused on innovation in the energy sector. Their business model combines energy supply with technology to help customers manage their energy use more efficiently.
Ownership and Acquisitions
OVO Energy has undergone significant ownership changes and strategic acquisitions since its founding. The company’s expansion strategy has included both buying competing energy suppliers and attracting major corporate investors.
OVO and SSE Energy Merger
In January 2020, OVO Energy completed a major acquisition when it purchased SSE Energy, SSE’s retail arm. This deal, worth £500 million, transformed OVO into one of the UK’s largest energy suppliers overnight.
The merger brought 3.5 million SSE customers under the OVO umbrella, significantly expanding their customer base. This strategic move helped OVO compete more effectively with the “Big Six” energy providers in the UK market.
Before this, OVO had already shown its appetite for growth by acquiring Spark Energy in November 2018 after that supplier ceased trading.
More recently, OVO has focused on securing its brand identity. The company purchased its own brand rights from founder Stephen Fitzpatrick in a £150 million deal, showing their commitment to long-term stability.
Mitsubishi Corporation’s Stake
In 2019, Mitsubishi Corporation made a significant investment in OVO Energy, acquiring a 20% stake in the company. This partnership brought important international backing to OVO’s operations.
The Japanese conglomerate’s investment helped fund OVO’s subsequent expansion, including the SSE acquisition. Mitsubishi’s involvement represents part of its strategy to invest in innovative energy companies.
Stephen Fitzpatrick remains the majority shareholder of OVO Energy, while other investors include Mayfair Equity Partners alongside Mitsubishi Corporation. This diverse ownership structure provides OVO with both entrepreneurial leadership and institutional backing.
Fitzpatrick founded OVO Energy in 2009 and has guided its growth from a small challenger brand to Britain’s fourth-largest household energy supplier.
Energy Products and Innovations
OVO Energy has developed a suite of innovative technologies and solutions aimed at making green energy more accessible and affordable. Their forward-thinking approach combines smart technology with renewable energy sources to help customers reduce both carbon emissions and energy costs.
Battery Storage Solutions
OVO Energy has pioneered several battery storage technologies to help balance energy supply and demand. Their Dynamic Battery Storage system allows customers to store excess energy during off-peak hours when electricity is cheaper.
This stored energy can then be used during peak times, reducing both grid strain and customer bills. The technology works with their smart meter system to automatically optimize charging and usage patterns.
Through their technology division Kaluza, OVO has developed AI-powered platforms that make these battery systems even smarter. These systems learn household energy patterns and adjust accordingly.
The company offers home battery installation services, allowing customers to pair battery storage with solar panels for maximum efficiency. This combination helps households become less dependent on the grid while supporting renewable energy integration.
Electric Vehicle Technology
OVO’s commitment to clean transportation is evident in their innovative electric vehicle charging solutions. Their Vehicle-To-Grid (V2G) charger represents a significant breakthrough in EV technology.
This special charger not only powers electric vehicles but also allows the car’s battery to feed energy back to the home or grid when needed. This two-way energy flow helps:
- Balance electricity demand
- Reduce peak-time energy costs
- Support grid stability during high demand
- Create additional value from EV ownership
OVO has partnered with several major car manufacturers to expand V2G compatibility. They offer special EV energy tariffs designed specifically for electric vehicle owners.
Their smart charging app helps customers schedule charging during the greenest or cheapest times. This technology is part of OVO’s broader vision of creating a connected energy ecosystem.
Renewable Energy Commitment
OVO Energy has made clean energy a cornerstone of their business model. They supply 100% renewable electricity to all customers as standard, sourced from a mix of wind, solar, and hydroelectric power.
The company invests in various renewable energy projects across the UK. Their green gas option includes biomethane produced from organic materials like food waste and agricultural byproducts.
OVO has launched several initiatives to help customers reduce their carbon footprint:
- Tree planting programs to offset emissions
- Smart thermostat integration to reduce wasted energy
- Home insulation services to improve energy efficiency
- Carbon tracking tools that show the environmental impact of energy use
Their innovative OVO Beyond upgrade provides customers with additional green benefits, including carbon-neutral gas and enhanced energy management tools. The company regularly updates its renewable energy portfolio to include the latest clean technologies.
Sustainable Development Goals
OVO Energy has made significant commitments to sustainability that align with global Sustainable Development Goals. The company has pledged to become a net zero carbon business by 2035, showcasing their dedication to fighting climate change.
Their ambitious sustainability strategy, called Plan Zero, aims to help customers reduce their carbon footprints while transforming the energy sector. Through this initiative, OVO was the first UK energy provider to set a net zero target back in 2019.
OVO has set clear milestones on their path to decarbonise:
- 60% reduction in carbon footprint by 2030
- Net zero across entire value chain by 2035
- Help members halve their carbon footprints during the same period
Their approach includes balancing any emissions they can’t eliminate with carbon removal solutions. This comprehensive strategy enables OVO to contribute meaningfully to a zero-carbon future.
The company’s efforts will potentially allow nearly 20% of UK homes to actively participate in the transition to a sustainable energy system. This widespread impact demonstrates OVO’s commitment to large-scale change.
Through partnerships with significant investors like Mitsubishi Corporation, OVO combines financial backing with environmental goals to drive sustainable development forward. Their business model proves that environmental responsibility and commercial success can work together effectively.
Customer Experience
OVO Energy has built a reputation in the UK energy market based on how it treats its customers. The company focuses on delivering reliable service while maintaining high satisfaction levels.
Service and Satisfaction
OVO Energy has worked hard to stand out in the competitive household energy market. The company has been recognized as Supplier of the Year several times, highlighting its commitment to quality service.
In 2021, OVO made a significant move to improve its customer care by appointing Joe Gordon as VP of Customer Care. This appointment showed how seriously they take customer relationships.
Customer satisfaction at OVO tends to be higher than industry averages. They offer simple tariffs and clear billing, which customers appreciate. Their app and online account management tools make it easy for people to track their energy use.
OVO also provides dedicated support teams to help with any issues.
Privacy and Data Use
OVO Energy takes data protection seriously, implementing robust measures to safeguard customer information while using data to improve services. The company maintains clear policies on how personal information is handled, stored, and used for advertising purposes.
User Security and Privacy
OVO Energy has a comprehensive privacy policy explaining what data they collect and why. They gather various types of information, including personal details, IP addresses, search data, and sometimes geolocation data to provide their energy services.
The company implements strong security measures to protect customer information from unauthorized access. They only permit third parties to process data on their behalf under strict conditions, ensuring these partners don’t use personal data for their own purposes.
OVO encourages customers to take an active role in protecting their information. They offer guidance on keeping information safe and secure and recommend customers use privacy settings effectively.
Consent is a key principle in OVO’s approach. They seek permission before collecting certain types of data and provide options for customers to manage their privacy preferences.
Advertising and Data Analytics
OVO Energy uses data analytics to better understand customer needs and improve their services. This includes analyzing usage patterns and preferences to create more efficient energy solutions.
For advertising purposes, OVO may use personal data to deliver personalized content and offers relevant to customers’ interests. Their approach to personalized advertising follows industry regulations and gives customers control over their advertising preferences.
The company employs cookies as part of their data collection strategy. Their cookie policy outlines how these small files track site usage, enabling content measurement and audience research.
OVO balances marketing needs with privacy concerns by providing clear information about how data is used for advertising. Customers can adjust settings to limit data sharing for marketing purposes while still receiving essential service information.
Technological Innovations
OVO Energy has prioritized cutting-edge technology to transform how customers interact with energy and to support sustainability goals. These innovations form a core part of the company’s strategy as it continues to grow under new leadership.
Intelligent Grid Technologies
OVO Energy has invested heavily in intelligent grid technologies that help customers save money while reducing carbon emissions. The company’s smart meter rollout has been central to this strategy, giving households real-time insights into their energy usage.
In 2024, OVO expanded its intelligent home ecosystem by integrating with popular smart home devices. This allows customers to control their energy use remotely and optimize consumption based on peak demand periods.
David Buttress, who joined as CEO in May 2024, has accelerated technology investment across the company. Under his leadership, OVO has developed AI-powered forecasting tools that predict household energy needs.
The company’s “Power Move” feature rewards customers for shifting energy usage to off-peak times. This innovation helps balance grid demand while saving customers money on their bills.
OVO’s mobile app has been redesigned with user-friendly features that make energy management simpler. Users can track their carbon footprint, set usage goals, and receive personalized efficiency recommendations.
Market Impact and Future Outlook
OVO Energy has made significant waves in the UK energy market, currently ranking as the fourth-largest energy supplier with approximately four million customers. They sit behind industry giants like Centrica (British Gas), Octopus Energy, and E.ON Next.
The company’s commitment to clean energy has positioned them as forward-thinking in the industry. OVO has ambitious plans to help customers decarbonise their homes and energy usage, aligning with global climate goals and UK energy policies.
OVO’s potential acquisition of Shell’s UK gas and electricity business could further strengthen their market position. This move would expand their customer base and increase their competitive edge against other major energy suppliers.
The company’s ownership structure, which includes investments from Mitsubishi Corporation and International Power PLC, provides them with strong financial backing for future growth.
OVO is working hard to establish itself as the world’s best energy brand through innovative services and sustainable practices. Their approach focuses on customer-friendly solutions that make clean energy accessible to everyone.
Market analysts expect OVO to continue expanding its renewable energy offerings and smart home technologies. These initiatives could help them capture a larger market share as consumers increasingly prioritize sustainable energy options.
The company may also explore going public in the future, though it currently remains privately held. Any decision to list on stock markets would represent a major shift in their business strategy.
Tips and Insights
Understanding OVO Energy’s ownership structure can help consumers make informed choices about their energy provider. The following tips focus on how customers can leverage OVO’s environmental commitments while reducing their own impact.
Reducing Household Carbon Footprint
OVO Energy has positioned itself as a green energy supplier committed to sustainable development. Customers can maximize this relationship by adopting several practices that align with the company’s values.
Simple energy-saving habits:
- Switch to LED bulbs throughout your home
- Unplug devices instead of leaving them on standby
- Use smart thermostats to regulate heating efficiently
- Wash clothes at lower temperatures
OVO offers tools that help track your household’s carbon footprint through their app. These insights make it easier to identify areas where you can make improvements.
Many customers don’t realize that OVO’s Mitsubishi Corporation investment has enabled better green technology integration. This means their sustainability programs are more robust than they appear.
Adding insulation to your home can reduce energy needs by up to 25%. Sometimes, OVO offers discounts or incentives for energy-efficient home improvements.
