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British Company OVO Invests In Blockchain Startup

13:32 14/03/2019
UK Energy Company Invests In Blockchain Startup

OVO, one of the leading UK companies in the electric power industry, has invested in Electron blockchain startup through its subsidiary, Kaluza. The press release is published on the OVO website.

 

Kaluza is a company that develops technology solutions and supplies software for the power industry. Electron's resources will help Kaluza perform the tasks of connecting all devices to an intelligent energy system with zero carbon emissions in the atmosphere, as follows from the press release.

 

The Electron startup is interesting in that it is engaged in similar developments using blockchain technology. Investments contribute to the further development of blockchain solutions in the electric power sector.

 

OVO is currently the seventh largest energy supplier in the UK, and this is its first investment since the Japanese corporation Mitsubishi acquired the company's 20% equity package.

 

The Electron team has created an excellent technology that is quickly becoming an important part of the energy system, and the company is pleased to support it, Stephen Fitzpatrick, the founder and CEO of OVO, stressed.

 

Jo-Jo Hubbard, the head of Electron, stated he is glad to cooperate with OVO and believes that this company is ideal for the further development of the startup.

 

As previously reported, Energinet, the state-owned energy company from Denmark, has entered into an agreement with the IOTA crypto platform.

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