OVO-ENERGY
The UK’s leading independent energy supplier OVO Energy has agreed to acquire SSE’s household energy and related services business for £500 million, comprising £400 million in cash and £100 million in loan notes, marking a significant moment for the energy industry. Together, the companies serve almost 5m households across the UK.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190912005985/en/
The acquisition will accelerate OVO’s ambition to provide clean, affordable energy for everyone. Combining SSE’s scale and OVO’s technology capabilities will enable millions more customers to experience the latest technology to decarbonise their homes, while keeping their costs down and continuing to receive great service.
Stephen Fitzpatrick, CEO and Founder of OVO said:
“This transaction marks a significant moment for the energy industry. Advances in technology, the falling cost of renewable energy and battery storage, the explosion of data and the urgent need to decarbonise are completely transforming the global energy system.
“For the past three years OVO has been investing heavily in scalable operating platforms, smart data capabilities and connected home services, ensuring we’re well positioned to grow and take advantage of new opportunities in a changing market.
SSE and OVO are a great fit. They share our values on sustainability and serving customers. They’ve built an excellent team that I’m really looking forward to working with.”
Alistair Phillips-Davies, CEO of SSE, said:
“We have long believed that a dedicated, focused and independent retailer will ultimately best serve customers, employees and other stakeholders – and this is an excellent opportunity to make that happen. OVO shares our relentless focus on customer service and has a bold vision for how technology can reshape the future of the industry. I’m confident that this is the best outcome for the SSE Energy Services business.”
CEO Stephen Fitzpatrick founded OVO in 2009 to transform the energy market with cheaper, greener and simpler energy. Thanks to a focus on customer service and the development of new, clean energy technologies, the company has grown since then to become the largest UK independent energy supplier, now serving 1.5 million customers. In the last year, OVO has increased its UK customer base by 50% and opening operations in France and Spain. OVO has plans to open in Australia, Germany and Italy next year.
Earlier this year, OVO has secured a significant strategic investment from Mitsubishi Corporation. This has allowed OVO to invest even further in the technology required to help us transition to a zero-carbon future. For example, OVO has launched the world’s first domestic vehicle-to-grid charger, it is developing the software required to integrate millions of electric vehicles onto the grid, and it is investing in dynamic battery storage to allow homes to sell energy back to the grid.
The deal is subject to regulatory approvals which we expect will take a number of months. For the time being, both companies will continue to operate independently as separate entities and serve their respective customers.
If this transaction goes ahead, the leadership teams from both companies will be working together to plan carefully how SSE is brought into the OVO family and onto its systems and platforms. OVO has negotiated rights to use the SSE master brand under licence for a transitional period, and acquired regional brands as part of this transaction and intends to maintain them for the immediate future.
Please find an image bank link HERE , and a link to OVO’s blog on this news HERE .
Notes to editors
● OVO Energy and SSE are widely-recognised for their award winning customer service.
○ OVO was awarded uSwitch Supplier of the Year 2019 - for the fourth time in five years. OVO Energy also ranked highest in six categories overall, including for Best Customer Satisfaction and Best Online Services.
○ SSE is currently ranked first in the Citizens Advice domestic energy supplier customer service league table and is uSwitch Large Supplier of the Year 2019 with the highest customer satisfaction score out of the big six suppliers.
● SSE Energy Services serves 3.5m household customers in GB.
● OVO Energy was the first mainstream energy company to ensure no coal or nuclear in its fuel mix . It guarantees at least 33% renewable energy on standard tariffs. OVO Energy’s greener tariff is 100% renewable . OVO has planted 728,000 trees on behalf of customers
● SSE has set fundamental goals for 2030, linked to the UN’s global goals for sustainable development . It has a long heritage of championing renewable energy and was the first to bring hydro-electric power to Scotland over 70 years ago.
● OVO has a track record of developing smart technology. Kaluza is an intelligent grid technology company leading the digital transformation of the electricity system. It supplies software and hardware solutions as well as in-home installation services. It has partnered with EV specialist Indra to help develop and manufacture its V2G Charge r and EV Smart Charger .
● OVO Energy was awarded the World's Best Energy Brand at CHARGE 2016 .
● Barclays Capital and Greentech Capital Advisors acted as financial advisors to OVO.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190912005985/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Barilla Launches 7th Edition of Good Food Makers to Shape the Future of Food2.7.2025 14:20:00 CEST | Press release
Barilla officially opens applications for Good Food Makers 2025, its open innovation program dedicated to startups and innovative companies focused on creating a more sustainable and connected food system. Now in its seventh edition, the program welcomes a new format — Good Food Makers – ECOSYSTEM — developed in collaboration with Almacube, the innovation hub of the University of Bologna and Confindustria Emilia. This year’s goal is to build a true innovation ecosystem by involving Barilla’s value chain partners and accelerating the adoption of emerging technologies. Three selected startups will join a four-week co-development journey with Barilla professionals and partner companies, working side-by-side to create impactful solutions across the entire food chain — from field to fork. Applications are open until the end of July, with the program running from September to January 2026, concluding with the Innovation Day. “Good Food Makers reflects our commitment to open innovation that g
SE Labs Award Reinforces NetApp Status as the Most Secure Storage on the Planet2.7.2025 14:00:00 CEST | Press release
NetApp wins 2025 SE Labs Award for Enterprise Data Protection NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today announced that it was recognized as a standout performer in cybersecurity in the SE LABS ® Awards 2025. NetApp won the 2025 SE Labs Award for Enterprise Data Protection, validating NetApp’s status as the most secure storage on the planet. This recognition as a winner of a 2025 SE Labs Award is a result of NetApp’s exceptional innovation in cyber resiliency to deliver NetApp ONTAP® Autonomous Ransomware Protection with Artificial Intelligence (ARP/AI), which was tested and validated by SE Labs. NetApp ARP/AI demonstrated 99 percent detection of tested, advanced full-file encryption ransomware attacks with zero false positives, indicating a strong ability to operate in a business context without contributing to alert fatigue. “Great security doesn’t just happen—it’s built, tested and proven,” says Simon Edwards, Founder and CEO of SE Labs. “Behind every
CroíValve Announces Funding from Horizon Europe EIC Accelerator2.7.2025 14:00:00 CEST | Press release
CroíValve, a pioneering medical device company innovating a better way to help more patients suffering from Tricuspid Regurgitation (TR), was awarded funding from Horizon Europe’s European Innovation Council (EIC) Accelerator Programme. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702306192/en/ DUO™ Transcatheter Tricuspid System Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the EIC Accelerator Programme provides transformational funding to high-potential, high-risk start-ups, scale-ups and subject matter experts. This award includes grant funding of €2.5 million, combined with an equity investment of €10 million in CroiValve’s next financing. The latest competition included 959 applications, with only 40 awards across 16 countries. Almost one third of the selected companies are led by a woman and CroiValve are incredibly proud to be one of this group. “Securing European Innovation Council
EUMETSAT: Europe’s First Geostationary Sounder Satellite Is Launched2.7.2025 13:20:00 CEST | Press release
Europe has taken a major step forward in strengthening its resilience to extreme weather events with the successful launch of the Meteosat Third Generation Sounder 1 (MTG-S1) satellite. MTG-S1 will deliver new streams of atmospheric data, enabling earlier, more accurate warnings that protect lives, property and infrastructure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702002782/en/ MTG-S1 is part of the Meteosat Third Generation programme, Europe’s new fleet of geostationary meteorological satellites. Image: EUMETSAT Extreme weather events like storms, flooding, and heatwaves have caused hundreds of billions of euros in damage and claimed tens of thousands of lives across Europe in the past decades. Launched on 1 July 2025, MTG-S1 will provide Europe’s national meteorological services with high-frequency data on temperature, humidity and trace gases throughout the atmosphere – enabling forecasters to detect the earli
HCLTech and Equinor Expand Digital Collaboration2.7.2025 13:08:00 CEST | Press release
HCLTech, a global technology leader, and Equinor, Europe's largest energy supplier and a pioneer in renewables and low-carbon solutions, have expanded their IT collaboration to support the next phase of Equinor’s digital transformation. This expanded relationship will cover Equinor’s IT landscape across several key strategic areas. HCLTech will support Equinor as it accelerates its digital transformation by: Accelerating its cloud migration and standardizing services across operations Enhancing its cyber resilience and network performance Improving workplace experience through automation Enabling advanced user experiences with technologies like augmented reality (AR) "We’re pleased to continue our long-standing collaboration with Equinor," said Sandeep Kumar Saxena, Executive Vice President, HCLTech. "This collaboration reflects our shared commitment to innovation and sustainability.” Over the past decade, HCLTech has been a trusted advisor to Equinor, supporting the company’s global e
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom