- OVO’s acquisition of SSE’s GB household energy business completed today.
- 5 million customers, smart technology and exceptional talent will accelerate OVO’s strategy to bring clean affordable energy to more households.
- OVO Energy and SSE Energy Services will operate alongside each other, serving their customers as integration planning by their leadership teams continues.
London, 15 January 2020: OVO Energy has completed the acquisition of SSE’s GB household energy business today. Through its retail brands OVO now serves almost 5 million customers.
A combination of SSE’s scale and OVO’s technology capabilities will enable millions more customers to decarbonise their homes, while keeping their costs down and continue to receive a great service.
With the acquisition completed, the leadership teams from both companies will collaborate on a more detailed plan on how to bring the two businesses together to create one unified team.
Stephen Fitzpatrick, CEO and Founder of OVO said:
“Today is an exciting day. It marks the end of one chapter for OVO but, more importantly, the beginning of the next one together with SSE Energy Services. We started OVO with a bold ambition to do better for customers and have stayed true to that vision ever since.
“We have an integration plan that leaders from both companies have collaborated on since September. There is a lot of work to do to bring the two businesses together, but we have a really strong combination of great talent, technology and customer centricity that will enable us to succeed.
“SSE’s history of excellence at scale combined with OVO’s innovative technology and our Plan Zero commitments mean that together, as one team, we can bring millions more people with us on our journey towards zero carbon living.”
Alistair Phillips-Davies, CEO of SSE plc, said:
“We are very pleased to have completed this transaction, which we firmly believe is the best outcome for the business, its customers and its employees.
What this means for energy customers
Absolutely nothing changes for OVO customers. They will still enjoy the same great service they know and love. If they have any questions, they can head to OVO FAQs here.
For SSE customers, we welcome them into the OVO family. Although the business is now owned by OVO, their payments and tariff won’t change. SSE customers don’t need to do anything, but if they have any questions, they can head to SSE’s FAQs here.
In the future, all customers in the OVO family can expect more ways to help save energy, lower their carbon footprint, and keep their bills down too.
Notes to Editors
OVO was founded in 2009 to transform the energy market with cheaper, greener and simpler energy. Thanks to a focus on customer service and the development of new, clean energy technologies, the company has grown since then to become the UK’s largest independent energy supplier.
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About OVO and SSE
- OVO Energy and SSE are widely-recognised for their award winning customer service.
- OVO was awarded uSwitch Supplier of the Year 2019 – for the fourth time in five years. OVO Energy also ranked highest in six categories overall, including for Best Customer Satisfaction and Best Online Services.
- SSE is uSwitch Large Supplier of the Year 2019 with the highest customer satisfaction score out of the big six suppliers.
- Following this acquisition, OVO now serves 5 million customers.
- OVO recently launched Plan Zero, an ambitious strategy that aims to drive progress towards zero carbon living.
- The Plan sets out how OVO will mobilise its customers to form a zero carbon community, helping them halve their total lifestyle carbon emissions, and eliminate their household emissions by 2030.
- OVO will transform its business and commit to reaching net zero emissions across its operations and supply chain by 2030. These targets are time bound to 2030, twenty years earlier than the UK Government’s net-zero 2050 commitment.
- OVO Energy was the first mainstream energy company to ensure no coal or nuclear in its fuel mix. It guarantees at least 50% renewable energy on standard tariffs. OVO Energy’s greener tariff is 100% renewable. OVO has planted 1 million trees on behalf of customers.
- SSE has set fundamental goals for 2030, linked to the UN’s global goals for sustainable development. It has a long heritage of championing renewable energy and was the first to bring hydro-electric power to Scotland over 70 years ago.
- OVO has a track record of developing smart technology. OVO has launched the world’s first domestic vehicle-to-grid charger, it is developing the software required to integrate millions of electric vehicles onto the grid, and it is investing in dynamic battery storage to allow homes to sell energy back to the grid.
- In early 2019, OVO secured a significant strategic investment from Mitsubishi Corporation. This allowed OVO to invest even further in the technology required to help us transition to a zero-carbon future.
- OVO Energy was awarded the World’s Best Energy Brand at CHARGE 2016.
About the transaction
- OVO acquired SSE’s GB household energy business for £500 million comprising £400 million in cash and £100 million in loan notes, marking a significant moment for the energy industry. Together, the companies serve almost 5m households across the UK.
- OVO has the right to use the “SSE” master brand under licence for a transitional period, and acquired regional brands as part of this transaction. It intends to maintain use of them for the immediate future.