August 26, 2014
Al Gore - former US Vice President and climate change campaigner - has invested 8 million pounds in to OVO Energy as they aim to challenge the 'big six' energy suppliers. OVO Energy was launched in 2009 by Stephen Fitzpatrick and this is the largest investment deal in OVO Energy's history to-date.
The U.S. politician-turned-investor started talks with OVO Energy in 2013 through his sustainable investment fund, Generation Investment Management, and the finance deal was completed in January this year. Mr Gore's fund has not took a direct stake but will benefit from the growth of the challenger brand. The investment was not made public in January as OVO Energy's founder is 'not keen on self-promotion'.
Fitzpatrick said of the deal "The most important thing for us was that we didn't have to give up any control. We had previously turned down a deal with a private equity investor as we were being asked to give up too much control relative to the stake we were selling. We have tripled in size over the past year and we want to go public to raise money to fund new opportunities and to give liquidity to employees with share options".
OVO Energy have been using Mr Gore's investment to expand OVO Energy's technology operations, develop new products and strengthen its management team in preparation for a flotation within the next 18 months.
Posted on August 26, 2014 at 11:23 AM