Ovo has taken a minority stake in blockchain company Electron, through its company Kaluza.
Electron will use the proceeds of Kaluza’s investment to accelerate the development and deployment of its distributed flexibility marketplace.
The deal is the first strategic investment for Kaluza, a new division within Ovo that develops and manages software and hardware to support the integration of electric vehicles, electric heating and battery storage onto the grid.
Following a £200m investment from Mitsubishi, the energy supplier now has the financial muscle to intensify its smart grid technology play. It said the Electron investment would be the first of many this year.
Following the deal, co-founder and chief operating officer Jo-Jo Hubbard will step up to CEO, with Paul Massara taking a back seat as adviser and investor.
More details at our sister site New Power.