OVO plugs into Bristol green energy exchange with minority stake

October 28, 2019

Bristol clean energy marketplace Renewable Exchange is powering ahead with its growth following investment from green energy group OVO.

Renewable Exchange, which was launched three years ago by a former manager at OVO, has developed a digital marketplace that optimises the sale of renewable energy from generators to suppliers. 

It said OVO’s investment – which gives it a minority stake in the firm – will enable it to accelerate the development of its digital Power Purchase Agreement (PPA) market platform. This will allow it to connect more distributed renewable energy generators to more suppliers.

With the government committed to net-zero carbon emissions by 2050, the demand for renewable energy has increased dramatically.

Renewable Exchange’s digital platform plays a key role in connecting sellers and buyers in a more transparent and efficient way. Energy asset owners can use it to compare bids from multiple offtakers on a like-for-like basis and receive the best prices for their power.

Since its launch by former OVO trading manager – gas, power & renewables – Robert Ogden, pictured, it has connected 717 generators with an installed capacity of over 1GW to its PPA platform.

Robert Ogden said: “OVO is the perfect partner 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 PPA market.”

OVO director of business development Steven Ackroyd will be appointed to Renewable Exchange’s board.

OVO founder and CEO Stephen Fitzpatrick 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.”

The deal, financial details of which have not been disclosed, is one in a series of strategic investments for OVO since Mitsubishi Corporation acquired a 20% stake in February.

Last month it become the UK’s second largest energy supplier just 10 years after it was formed following an agreement to buy the retail business of rival SSE for £500m.

Under the landmark deal OVO will now take on SSE’s 3.5m customers and 8,000 staff.

OVO has grown exponentially over recent years, becoming the UK’s largest independent energy supplier with 1.5m customers and about 2,000 employees – roughly half of them in Bristol.


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