UK Energy Giant OVO Acquires Minority Stake In Blockchain Startup Electron

Blockchain, Investing, News | March 14, 2019 By:

Kaluza, the recently launched tech division of UK-based energy giant OVO, has acquired a minority stake in Electron, an energy technology company that leverages blockchain.

Kaluza was created to solve the challenge faced by grid operators, energy suppliers and device manufacturers, of integrating millions of energy intensive appliances including electric vehicles onto the grid. It provides software and hardware solutions as well as in-home installation services to a range partners.

Founded in 2015, Electron is harnessing blockchain technologies to design more efficient, resilient and flexible systems for the energy sector. The company designs platforms and services that aims to address the challenges in the energy sector. It maximizes the potential of new technologies such as distributed renewable generation and storage capacity.

The undisclosed investment from Kaluza will allow Electron to accelerate the development and deployment of its energy platforms and systems – namely its distributed flexibility marketplace.

As part of the agreement, Paul Massara will be stepping back from his role as CEO, but will remain involved in Electron as an advisor and an investor. Jo-Jo Hubbard who co-founded Electron alongside Paul Ellis will be stepping up from COO to CEO. In addition, Kaluza’s Director of Business Development Steven Ackroyd will be appointed to the Electron Board.

“OVO is perfectly placed to support the development of our asset identity and trading platforms,” Hubbard said. “We are delighted to be working with an exceptional international partner to deliver on our vision of efficient, inclusive and coordinated energy markets.”

Kaluza said that they invested in Electron because they believe that the development of Electron’s shared asset register is in line with its mission to securely connect all devices to an intelligent zero-carbon grid.

“We’re delighted to be supporting the Electron team who have built great technology that’s fast becoming an important part of the energy system,” said Stephen Fitzpatrick, Founder and CEO of OVO and Kaluza.