Clean energy supplier and self-professed energy technology firm OVO Energy has unveiled an investment in German energy provider 4hundred as it bids to launch a European expansion.
And the firm teased further investments in international markets, stating that diversifying overseas would allow OVO to increase the reach of its tech platforms and products.
OVO possesses a suite of energy technology platforms including VCharge, which it acquired in February 2017, a domestic V2G electric vehicle charger and a home energy storage solution, both of which were unveiled at a launch event earlier this year.
The Bristol-headquartered firm today announced the first phase of investment in 4hundred, which claims to be Germany’s first ‘fully digital’ energy provider having launched last year.
OVO said the firm shared a “cultural fit” and leveraged cutting edge technology to deliver enhanced customer experiences. Despite only having slightly more than 2,000 customers, OVO said it expects the firm to reach 10,000 customers by the end of 2018.
Stephen Fitzpatrick, CEO and founder at OVO, 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.
“4hundred's digital offering, technological expertise and rigorous approach to great customer service made them an attractive business for OVO to invest in. With customers across the world demanding clean, affordable energy, we’re confident that with 4hundred, we’ll have strong growth and continued success.”