Mitsubishi Corporation has bought a 20 percent minority stake in British power supplier OVO Energy for 200 million pounds ($257 million), the firms said on Thursday. The move signals a push for vertical integration on the part of Mitsubishi, as it already has over six gigawatts of energy assets and a strong patent portfolio (#3 corporate owner in the space) in power conversion and supply. OVO energy is an independent supplier with over 1.5 million customers, but has been making waves in electric vehicles with a smart charger, vehicle to grid system, and home energy storage. The partnership is also intended to increase development in software to support smart consumer energy use.
