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Ocado shares jump after £200m robotics patent win

Ocado patent
Image credit: Ocado

Ocado shares have risen following the firm’s victory in a patent dispute with a Norway-based robotics firm.

The online grocer was sued by Norwegian robotics company AutoStore, which alleged that the automated workers in Ocado’s robotic warehouse infringed on existing patents.

The legal battle concluded over the weekend when AutoStore agreed to pay Ocado £200m to settle the outstanding claims.

“I am pleased that we have worked together to resolve our differences and can now continue to focus on what we do best – innovating, developing and enabling partners to access world-beating technology,” said Ocado chief executive Tim Steiner.

The settlement will be paid in instalments over the next two years.

“We are glad to have achieved a resolution that gives both companies opportunity and freedom to commercialise our extensive patent portfolios,” said AutoShare boss Mats Hovland Vikse.

“This settlement resolves our differences and allows us to continue focusing on our respective business goals.”

The legal success resulted in an 11% boost in share price for Ocado, jumping from £6.88 on Friday to £7.64 Monday morning.

The surge follows a previous jump in value for the company’s stock last month, after rumours emerged that Amazon is considering an acquisition. This resulted in a 30% surge in stock value.

Earlier this month, Ocado opened its first customer fulfilment centre in Asia.