OVO Energy invests in blockchain firm Electron

The energy supplier bought the minority stake through its Kaluza subsidiary

Festival Net Zero 2021

Blockchain deal

OVO Energy has invested in blockchain start-up Electron.

The energy supplier bought the minority stake through its Kaluza subsidiary, which manages hardware and software to support the electrification of heat and transport, as well as battery storage.

The firm noted blockchain and Internet of Things technologies will be essential in accelerating distributed energy trading platforms and intelligent grid infrastructure – these structures are likely to play a vital role in enabling the transition to a flexible and zero carbon future energy system.

The deal will see Electron’s Co-Founder and current Chief Operating Officer Joanna Hubbard become the new CEO of the firm.

She said: “OVO is perfectly placed to support the development of our asset identity and trading platforms.

“We are delighted to be working with an exceptional international partner to deliver on our vision of efficient, inclusive and coordinated energy markets.”

OVO Energy is among a number of suppliers that recently announced an increase in prices.

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