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Mitsubishi Corporation takes 20pct stake in OVO Energy

Power News - Published on Mon, 18 Feb 2019

Image Source: WBCSD
Reuters reported that Japan's Mitsubishi Corporation has bought a 20 percent minority stake in British power supplier OVO Energy for GBP 200 million (USD 257 million). Independent energy company OVO Energy said it would use the proceeds of Mitsubishi's investment to expand into new markets across Europe and Asia Pacific and speed up the development of its new energy technologies unit, Kaluza. Kaluza will develop and manage software and hardware to support the integration of electric vehicles and battery storage onto the grid.

Mr Stephen Fitzpatrick, founder and chief executive of OVO said that "We want to be at the forefront of the global, tech-enabled transition to a zero carbon energy system. This investment from Mitsubishi Corporation will help us get there.”

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Posted By : Rabi Wangkhem on Mon, 18 Feb 2019
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