Al Gore, the former US vice president and a strong advocate of climate change, has invested in UK energy supplier OVO energy.
Al Gore’s company, Generation Investment Management, has invested £8 million into Ovo Energy on a debt deal, or mezzanine finance. The US politician-turned-investor, who made the climate change documentary An Inconvenient Truth, began talks with Ovo late last year.
The money will be used to expand Ovo’s technology operations, develop new products, and shore up its management. This is all in readiness for an expected floatation in approximately 18 months’ time, where an expected £25-30m is expected to be raised.
Ovo Energy was founded in 2008 by Steven Fitzpatrick. Having been frustrated by poor customer service and confusing tariff structures, Steven had decided to set up his own energy supplier. Many people have felt similar pains and this has allowed Ovo to grow its customer base from 150,000 in October 2013 to about 400,000 at present. In addition to this, staff headcount has grown from 200 to more than 500.
Ovo’s aim is not necessarily to be the biggest supplier, despite having plans to add another 1 million customers over the next three years, but to be the most trusted. As customers are now open to the idea of shopping around, it may not come down to price but the service provided.