OVO expands into Europe with German acquisition
Independent energy supplier Ovo has announced the first phase of investment into Munich-based digital energy provider 4hundred.
Founded in 2017, 4hundred currently offers a 100% green electricity tariff to over 2,000 customers. The investment marks Ovo’s first move into the European energy market.
Stephen Fitzpatrick, Ovo’s chief executive said: “The energy transition isn’t isolated to the UK. It’s global. The opportunity for the intelligent technology and IP we are developing here in the UK to be exported internationally is huge. We’re going to help solve some of the great challenges like how to bring bringing more renewables onto the grid and connect millions of electric vehicles, on an international scale.
Ilona Ludewig, the founder of 4hundred added: “Through working with the team at OVO, we will be armed with the expertise to significantly grow our customer base and will be uniquely placed to offer customers additional intelligent energy services.”
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