The UK’s largest independent energy supplier, OVO, announces its first phase of European expansion, with investment in German based energy supplier 4hundred
Founded in 2017, 4hundred is Germany’s first fully digital energy provider with a mission to bring simple, transparent and fair prices to customers
The investment signals OVO’s confidence in the European energy market as it plans to export its digital expertise and new technology products to Germany
The two companies are aligned in their focus on developing technology to bring more choice, better customer service and intelligent energy services to consumers
London, 18th September 2018 -OVO today announces the first phase of investment into Munich based energy provider 4hundred, a new entrant to the German market with ambitious targets for growth.
The investment marks OVO’s first move into the European energy market and builds on its evolution from a core UK energy supplier to an international, integrated, technology-driven energy services company.
Founded in 2017, 4hundred was established to bring simplicity, transparency and fair prices to Germany. Sharing a cultural fit with OVO, the digital energy provider has an engaging brand voice and is leveraging cutting edge technology to deliver a unique customer experience. Set to quickly attract new customers, it currently offers a 100% green electricity tariff to over 2,000 customers in Germany and is on track to achieve 10,000 customers by the end of 2018.
The investment forms part of OVO’s strategy of growth and diversification into international markets. Recognising that the transformative changes in energy aren’t limited to the UK, the investment will enable OVO to bring its technology platforms and products to a new market.
Stephen Fitzpatrick, CEO and Founder, OVO said:
“Innovation and advancements in new technology are going to completely revolutionise international energy markets. Far from retreating from Europe, we’re excited to take our transformative technology, digital expertise and great customer propositions and expand into new markets.
“The energy transition isn’t isolated to the UK. It’s global. The opportunity for the intelligent technology and IP we are developing here in the UK to be exported internationally is huge. We’re going to help solve some of the great challenges like how to bring bringing more renewables onto the grid and connect millions of electric vehicles, on an international scale.
“4hundred's digital offering, technological expertise and rigorous approach to great customer service made them an attractive business for OVO to invest in. With customers across the world demanding clean, affordable energy, we’re confident that with 4hundred, we’ll have strong growth and continued success.”
Ilona Ludewig, Founder, 4hundred said:
“It’s a huge vote of confidence that OVO have chosen to partner with us for their first international venture. They’re a UK success story who transformed the energy market and made energy better for everyone. Through working with the team at OVO, we will be armed with the expertise to significantly grow our customer base and will be uniquely placed to offer customers additional intelligent energy services.”
Expansion into Europe comes at a crucial point for OVO as it makes the transition into an international digitally integrated energy technology company. The company has been developing its world leading intelligent energy platform - VCharge that will manage the complexity of the distributed energy systems of the future.
About OVO Group OVO is the UK’s largest independent energy technology company and supplier. Across the group, OVO serves nearly one million customers with intelligent energy services. Founded in 2009 by Stephen Fitzpatrick, OVO redesigned the energy experience to be fairer, greener and simpler for all. Today OVO is no longer simply a energy retail business: it is group of innovative, dynamic companies, all striving to harness technological advances with great consumer propositions to create more abundant clean energy for everyone.
About 4hundred 4hundred is Germany’s first digital energy provider with a mission to bring simple, transparent and fair prices to customers. Founded in 2017 by Ilona Ludewig and Andrew Mack, 4hundred is leveraging cutting edge technology alongside a positive and compelling brand voice to deliver simplicity, transparency and build a distinctive relationship with its customers. With one simple tariff, an app to manage accounts and a product roadmap designed by the customers to reflect what they really want, 4hundred is set to breathe life into the German energy market.
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