Energy technology company OVO has become a minority investor in clean energy marketplace Renewable Exchange.
The investment will be used to accelerate the development of Renewable Energy’s digital Power Purchase Agreement market platform, which connects distributed energy generators with potential buyers.
“Renewable Exchange is the UK’s leading digital platform, connecting independent renewable energy generators with buyers and bringing simplicity to an increasingly complex energy system. We're delighted to be working with Rob and his team to bring clean, affordable energy to more customers,” said Stephen Fitzpatrick, CEO and Founder of OVO.
The move is one of several strategic investments the company, which itself received a 20% investment from Mitsubishi Corporation last February, has made. These include investing in energy technology firm Electron before agreeing the landmark acquisition of SSE’s energy supply division last month.
Investments such as that in Renewable Exchange, form part of OVO’s larger goal of becoming net zero by 2030, as part of its Plan Zero, the company said.
Renewable Exchange founder and CEO Robert Ogden said that OVO were the “perfect partners.”
“We’re excited to support more distributed clean energy generators to optimise the value of their power and connect with more offtakers. By working with OVO we can deliver on our vision to pave the way for subsidy free renewables by digitising and democratising the Power Purchase Agreement market.”
Already Renewable Exchange serves over 700 independent generators in the UK, representing over 1GW of installed capacity.