Ovo Energy has announced the purchase US smart grid firm start-up – the first acquisition in the supplier’s seven-year history.
Boston-based VCharge has developed a “ground-breaking” technology which uses algorithms to balance the grid by shifting the demand of individual consumers.
“The team have been doing incredibly exciting and important work in developing technologies that answer the enormous challenge of how to bring more renewable energy to grids around the world,” said Ovo chief executive Stephen Fitzpatrick.
“We believe this platform will harness the potential of energy storage in reducing dependency on fossil fuels, while helping to make energy more affordable for all.”
The technology is initially being used in conjunction with electric storage heaters in social housing. The heating controls can be fitted to existing storage heaters and operated through a smart phone app.
“When coupled with a new smart tariff, residents experience dramatically improved comfort, lower bills and have control over their heating systems for the first time,” Ovo said in a statement.
VCharge has completed a number of successful trials over the last year with major landlords in London, Scotland and the North East. Ovo will offer to install the upgraded heating controls for free when it launches a new smart energy tariff later this year.