OVO Group powers forward to accelerate the global energy transition

• Multi million pound investment for Kaluza’s Energy Intelligence Platform as it goes global.

• OVO expands its offering with a new franchise network and leading green propositions.

Key highlights from FY2024: 

• Global expansion and investment: AGL Energy licensed Kaluza’s software platform to transform the experience for its 4 million energy customers in Australia and invested US $100 million to accelerate its expansion.

• Clean tech acceleration and deepening customer relationships: Powered by Kaluza energy intelligence, OVO launched Beyond, now one of the markets largest scaled insight and loyalty programmes offering EV, solar and heat pump propositions.

• Supporting customers when it matters most: As energy prices remained volatile, OVO stepped up with a £50 million support package – bringing its total support since 2022 to £140 million.

• Achieved £113 million in operational savings due to reduced servicing and maintenance costs following the full migration of customers onto the Kaluza platform.

30 September: London: The OVO Group today published its 2024 Annual Report. The figures demonstrate a year of progress, powering the energy transition for millions of customers, positioning the group well as it continues to expand its global Energy Intelligence Platform, Kaluza.

Together, OVO and Kaluza continued to transform energy into a cleaner, more intelligent experience built around the customer. During the reporting period and in recent months:

• Kaluza secured a multi-year, multi-market agreement with ENGIE – a global energy player serving 20 million business to customer contracts worldwide – to deploy cutting-edge digital technologies aimed at enhancing customer experience and accelerating the shift to smarter, cleaner energy. This followed the acquisition of Australian energy software specialist Beige Technologies and the commitment to create hundreds of jobs here in the UK and Asia-Pacific.

• The OVO Group strengthened its Board for growth: Dame Jayne-Anne Gadhia was appointed independent Chair of OVO, and Miguel Gaspar Silva and Andy Cox joined Kaluza’s independent Board as non-executives.

• OVO boosted clean energy generation, announcing an investment worth hundreds of millions of pounds into repowering UK onshore wind farms.

• OVO brought solar and heat pumps to more households by expanding its network of trusted local installers through a new franchise network across the UK.

Key FY2024 highlights

Propositions with Volvo and Volkswagen, rewarding customer loyalty

OVO launched Beyond, the UK’s first energy savings account, rewarding customers for going green. One in three Beyond customers are now engaging with flexible energy propositions like EV charging and solar batteries, and these customers are spending on average 8% more across OVO’s green product suite. EV propositions powered by Kaluza, including Charge Anytime, now available with Volvo and Volkswagen brands. The award-winning ‘OVO Battery Boost’ proposition enabled OVO customers to access cheap solar rates and save an additional £120/year through Kaluza optimisation.

Kaluza expands in Japan with Mitsubishi JV 

Kaluza established a joint venture with Mitsubishi Corporation in Japan to launch and scale new smart charging propositions with leading energy companies and device manufacturers including automakers Mitsubishi Motors and Honda.

Decarbonised operations and an award winning business culture 

Through Plan Zero, OVO made major strides in reducing emissions, achieving 98% electric vans, 100% renewable electricity in offices, and a 38% reduction in carbon emissions from a 2018 baseline. The company remains on track to hit net zero by 2035. OVO also earned a place in The Times Top 50 Employers for Gender Equality and introduced the UK’s first safety-compliant religious headwear for energy engineers.

David Buttress, CEO of OVO, said:

“At OVO, we’re not waiting for the future to happen, we’re building it. From game-changing products like Beyond, to industry-first partnerships, we’re putting power back into the hands of customers and accelerating the transition to clean, affordable energy.”

Consolidated Income Statement Notes

• £135m loss for FY24 compared with £817 profit FY23. The majority of the swing comes from accounting rules that require us to mark energy contracts to market even if the energy is already paid for and used. The core business remains strong and we’re continuing to invest in our customers and the green transition.

• Adjusted EBITDA was £42m (2023: £225m). This reduction was mainly due to 2023’s one-off industry-wide cost recovery through changes to the price cap allowances.

ENDS

For more information please contact [email protected]

Please find report here.

About OVO

In 2009, OVO was born to make energy better for people and the planet. Today, OVO is trusted by around four million customers with their home energy, EV charging, green tech upgrades, and more.

OVO is getting the UK ready for a greener, fairer future – supporting new renewable power projects in communities across the country. Not only is OVO bringing low carbon tech into homes, it’s finding smart ways to cut costs for customers – making heat pumps, solar panels, and electric cars more accessible. Behind all this work is Plan Zero: the bold, science-backed sustainability strategy, which sets out how OVO will become a true net zero business by 2035.

This progress can only happen with a culture fit for the future. OVO’s multiple awards include the Best Place to Work for Women in The Sunday Times’ Best Places to Work 2023, which also saw the company coming in the Top 10 for Very Big Organisation.

OVO also won Company of the Decade at the BusinessGreen Leaders’ Awards 2020.

About Kaluza

Kaluza is the Energy Intelligence Platform that turns energy complexity into seamless coordination. We enable energy companies to manage today’s operational challenges while building for tomorrow’s clean, electrified future.

Our platform orchestrates millions of real-time decisions across devices, homes, markets and grids. By combining predictive algorithms and human-centred design, Kaluza makes clean energy solutions dependable, affordable and adaptive to how people live.

With teams across Europe, North America, Australia and Asia, Kaluza powers world-leading energy companies including OVO, AGL and ENGIE, alongside automotive innovators like Volvo and Volkswagen. Since 2024, Kaluza has expanded operations through a joint venture with Mitsubishi Corporation in Japan. Certified as a B Corporation in 2023, we are committed to building technology that creates lasting impact for people and the planet.