OVO Energy acquires EV charging app Bonnet

Ovo acquires Bonnet Image credit: Bonnet

Energy supplier OVO has acquired Bonnet, a startup providing electric vehicle charging availability data via an app.

The deal marks an exit for founders Patrick Reich and Eliot Makabu just two years after they launched Bonnet, which aggregates the availability of 27,000 public EV chargers across the UK.

The acquisition provides Bristol-headquartered OVO Energy with a public EV charging business alongside its smart home EV charging product, which automatically charges vehicles when energy costs are low.

“By combining Bonnet’s cutting-edge app and OVO’s experience and scale we will encourage more people to adopt electric vehicles and transition to a greener lifestyle,” said Mat Moakes, chief commercial officer, OVO.

Full terms of the deal were not disclosed but all 25 of Bonnet’s team, including Reich and Makabu, join OVO.

Last year, Bonnet closed a £4m funding round, securing investment from the founders of Deliveroo, Zapp and Tier.

Founded in 2021, Bonnet’s app lets EV drivers locate, use and pay for public charge points. The London-based company this year expanded to Europe, expanding the number of charge points on its app to more than 400,000.

“By being part of OVO, as one of the UK’s leading energy companies, we can now fully double-down on our ambitions for growth and seize new opportunities to help EV drivers, building into the entire driver journey – whether at home or away,” said Makabu.