Ovo founder Stephen Fitzpatrick is locked in a dispute with investors over control of its £370 million technology arm Kaluza following the proposed £600 million sale of the energy business to Eon, which excludes the software company.
Fitzpatrick is facing Mayfair Equity Partners and Mitsubishi Corporation over the future ownership of Kaluza, which is part of the wider Ovo Group and was valued at $500 million (£370 million) in its most recent assessment. The three shareholders have agreed to separate their interests, with negotiations taking place over competing proposals for the business.
The dispute follows the proposed sale of Ovo’s energy retail operation to Germany’s Eon, announced in May and still awaiting regulatory approval. The transaction would create the UK’s largest energy supplier, with a combined customer base of around 9.6 million.
Kaluza was founded by Fitzpatrick in 2019 as Ovo’s software division and has since developed into a technology business serving other energy companies, including France’s Engie. Fitzpatrick is currently its chief executive, having replaced Mel Gander in March 2026.
Two proposals have been discussed for Kaluza, according to The Telegraph. One would see Fitzpatrick take control by directing proceeds from the Ovo sale into Kaluza, while the other would see him step back and allow the investment partners to assume control.
Both sides have questioned whether the other has sufficient financial resources to develop Kaluza, with the future ownership structure remaining unresolved. Mayfair is understood to be in the strongest position to take control if Fitzpatrick is displaced.
Investment bank Arma Partners was appointed last year to explore strategic options for Kaluza. The company’s software is licensed to energy suppliers internationally, providing a separate growth business from Ovo’s consumer energy operations.
The sale of Ovo is expected to generate hundreds of millions of pounds for its three principal shareholders under an existing agreement. Fitzpatrick owns just under 50 per cent of Ovo and could receive about £300 million from the transaction.
Fitzpatrick founded Ovo in 2009 after working as a trader at JPMorgan, building it into Britain’s fourth-largest gas and electricity supplier with about four million customers. The company has faced financial pressure in recent years, including tens of millions of pounds of planned cost reductions.
The entrepreneur has also founded Vertical Aerospace and owns London members’ club Kensington Roof Gardens. His wider business interests have previously drawn scrutiny, including questions from MPs over £40 million of inter-company loans from Ovo in 2022.
