Mitsubishi has struck a deal with OVO to provide a “strategic investment” in return for taking a 20% stake in the supplier. As reported by the Financial Times, the investment is worth £216mn and values OVO at around £1bn. In a Thursday 14 February statement, OVO said that Mitsubishi’s investment will help the supplier expand into new markets across Europe and Asia Pacific and enable accelerated development of its intelligent energy technologies division, Kaluza. OVO said that this new division will focus on developing and managing software and hardware to support the integration of electric vehicles and dynamic battery storage onto the grid.