Deal Marks: Stephen Fitzpatrick and Energy Industry

deal marks: Stephen Fitzpatrick, who founded Ovo in 2009, said the deal signalled a significant moment for the energy industry which has been dominated by six major energy suppliers since the market was deregulated in the early 1990s, according to The Guardian. The deal marks a major milestone for the Bristol-based company, which secured a 200m investment from the Mitsubishi conglomerate earlier this year in exchange for a 20% stake in Ovo, valuing the company at 1bn. Ovo will supply almost 5m households across the UK after striking a deal to take on 3.5m SSE customers and 8,000 staff to become the largest supplier behind British Gas. The valuation propelled Fitzpatrick's personal wealth to an estimated 600m. Today, his energy upstart is valued at a billion pounds and will soon be one of the largest energy suppliers in Britain second only to British Gas. Profile Ovo Energy boss Stephen Fitzpatrick Show Hide Profile - Ovo Energy boss Stephen Fitzpatrick Stephen Fitzpatrick, the founder of Ovo Energy, was once a disruptive challenger to the big six energy suppliers. (news.financializer.com). As reported in the news.