The conglomerate has paid approximately $256m for a 20% stake in smart energy distributor and technology provider Ovo Energy.
Diversified trading group Mitsubishi Corporation acquired a 20% stake in UK-based sustainable energy provider Ovo Energy today, at a valuation reported by the Financial Times to be about £1bn ($1.28bn).
Founded in 2009, Ovo runs a digital energy retail business with 1.5 million customers across the UK and Germany, eschewing coal and nuclear power, generating a minimum of 33% of its energy from renewables sources.
The company also produces and sells hardware products such as home electric vehicle (EV) chargers…
