OVO invests in clean energy marketplace Renewable Exchange - OVO Group
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OVO invests in clean energy marketplace Renewable Exchange

OVO has made a minority investment in Renewable Exchange, a digital marketplace that optimises the sale of renewable energy from generators to suppliers

Posted:

21 October 2019

  • OVO has made a minority investment in Renewable Exchange, a digital marketplace that optimises the sale of renewable energy from generators to suppliers
  • The investment builds on both companies’ shared vision for a distributed energy system powered by 100% renewable energy
  • OVO recently announced Plan Zero, a transformation of its business, operations and impact to reach net zero by 2030
  • This marks a series of investments by OVO Group since Mitsubishi Corporation acquired a minority stake in February  

London, 21 October 2019: OVO today announces a strategic investment in clean energy marketplace Renewable Exchange for a minority stake in the business. 

Renewable Exchange will use the proceeds of OVO’s investment to accelerate the development of its digital Power Purchase Agreement (PPA) market platform – connecting more distributed renewable energy generators to more suppliers. The deal is one in a series of strategic investments for OVO.

With the UK Government committing to net-zero by 2050, the demand for renewable energy has increased dramatically. With renewable energy assets like wind and solar ready to power the grid, Renewable Exchange’s digital platform plays a key role in connecting sellers and buyers in a more transparent and efficient way. 

With Renewable Exchange, renewable energy asset owners are able to compare bids from multiple offtakers on a like-for-like basis and receive the best prices for their power. 

Founded in 2016, Bristol-based Renewable Exchange already has 717 generators with an installed capacity of over 1GW connected to the PPA platform. 

Stephen Fitzpatrick, CEO and Founder of OVO, said: 

“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.”

Robert Ogden, Founder and CEO of Renewable Exchange, said:

“OVO are the perfect partners to provide the backing our marketplace needs to grow. 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.”

END

Notes to editors

  • In February 2019 OVO announced that it has received a 20% investment from Mitsubishi Corporation.
  • OVO’s Director of Business Development Steven Ackroyd will be appointed to Renewable Exchange’s board.

For media enquiries please contact:

media@ovoenergy.com 

About OVO

OVO is the UK’s leading energy technology company. Across the group, OVO serves 1.5 million customers with intelligent energy services. Founded in 2009 by Stephen Fitzpatrick, OVO redesigned the energy experience to be fairer, greener and simpler for all. Today OVO is no longer simply an energy retail business: it is a group of innovative, dynamic companies, all striving to harness technological advances with great consumer propositions to create more affordable clean energy for everyone.

For more information on OVO, please visit the company’s website at

www.OVO.com 

About Renewable Exchange

Renewable Exchange is an online digital marketplace and insight platform for Power Purchase Agreements. Founded in 2016 by Robert Ogden, Renewable Exchange serves over 700 independent generators in the UK representing over 1GW of installed capacity. Renewable Exchange is supporting both existing operational assets and new projects looking to be developed subsidy free in the UK via its suite of market insight tools and an innovative Power Purchase Agreement marketplace which enables any generator of any size to fully optimise the sale of their electricity.

www.renewableexchange.co.uk

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