Fuse Energy

Fuse Energy is a United Kingdom energy technology company headquartered in London. Founded in 2022 by Alan Chang, formerly Revolut's chief revenue officer, and Charles Orr, an early Revolut employee, the company was established with the aim of applying a technology-led operating model to the energy market. Chang moved into energy during a period of sharply rising household and wholesale energy prices, when the structure of energy retail, generation, and procurement was under increased public and regulatory scrutiny. Fuse's entry into the market was supported by the acquisition of Paddington Power in February 2022. That transaction gave the new business access to an Ofgem electricity supply licence and provided a route into the regulated United Kingdom retail market. Fuse subsequently expanded beyond supplier operations by acquiring or developing renewable generation assets, including a Scottish wind farm and several solar farms in England. These assets form part of a vertically integrated model that links power generation with wholesale trading and direct customer supply. The company also operates an internal energy trading function. Rather than presenting itself solely as a conventional retail utility, Fuse positions its business around coordination between renewable generation, market purchasing, trading, and customer-facing services. It supplies electricity and gas to customers through digital channels, including its mobile application and website. The model is intended to give the company greater control over procurement and customer service while connecting retail demand with owned or controlled renewable production. Fuse raised $78 million in seed financing during 2022. The round was led by Balderton Capital and Lakestar and included participation from Lowercarbon Capital, Accel, Creandum, Ribbit, BoxGroup, and investor Nico Rosberg. The funding supported the development of the company's supply, generation, trading, and technology operations. In 2023, Fuse began a beta service serving several hundred homes before launching publicly as an energy provider in July of that year. By December 2025, the company was reported to supply approximately 200,000 United Kingdom households. That month, Fuse announced a further $70 million financing round led by Balderton Capital and Lowercarbon Capital. The announcement placed the company's valuation at approximately $5 billion, although Fuse remained a privately held company rather than a publicly listed utility. The reported scale-up illustrates the company's transition from a newly established supplier into a sizable challenger in the British residential energy market. Fuse's business scope therefore spans renewable electricity generation, wholesale energy trading, and retail supply of electricity and gas. Its principal differentiation is the attempt to combine these activities within one technology-oriented organization instead of operating only as a customer billing and procurement intermediary. The company's known market is the United Kingdom, with generation assets in Scotland and southern England and retail customers supplied through digital products. Its long-term position depends on continued customer acquisition, asset performance, energy-market conditions, regulatory compliance, and its ability to integrate generation and retail operations effectively.

Fuse Energy was established in 2022 by Alan Chang and Charles Orr, two entrepreneurs with backgrounds at the financial-technology company Revolut. Chang had served as Revolut's chief revenue officer, while Orr was an early employee. The founders entered the energy sector during a period of exceptional price volatility and heightened concern about the affordability and resilience of household energy supply in the United Kingdom. The company's first important structural step was the acquisition of Paddington Power in February 2022. Through that acquisition, Fuse obtained an Ofgem supply licence, allowing it to build a regulated retail energy business rather than remaining solely a technology or generation venture. The company then broadened its activities by acquiring a Scottish wind farm and several solar farms in England. These assets supported a strategy of combining renewable generation with customer supply and wholesale-market activity. Fuse raised $78 million in seed funding in 2022. Balderton Capital and Lakestar led the round, joined by Lowercarbon Capital, Accel, Creandum, Ribbit, BoxGroup, and Nico Rosberg. The financing provided capital for the development of energy assets, trading capabilities, customer systems, and the operational infrastructure required to participate in the British retail market. In 2023, Fuse tested its service with a beta group of several hundred homes. The company moved to a public launch in July 2023, offering electricity and gas directly to customers through its application and website. Its operating model combined three connected activities: renewable electricity generation, energy trading, and retail supply. Fuse also developed an in-house trading desk, allowing it to manage wholesale purchasing and market exposure internally rather than relying entirely on external intermediaries. The company expanded its residential customer base during the following years. By December 2025, it was reported to supply roughly 200,000 UK households. In the same month, Fuse announced a $70 million funding round led by Balderton Capital and Lowercarbon Capital. The financing announcement placed the company's valuation at approximately $5 billion. These figures describe private-company fundraising and valuation rather than public-market capitalization; Fuse was not identified as a listed company. The business has been associated with advisers and senior energy-market figures including former Ofgem chief executive Dermot Nolan and Arnaud Luboinski, a former head of EDF Trading. Their backgrounds reflect Fuse's attempt to combine technology-sector execution with experience in energy regulation and wholesale markets. Fuse's development has followed a vertically integrated path. It began by securing a supply licence, added renewable generation assets, built trading capacity, and then scaled its direct retail customer proposition. Its known operations remain focused on the United Kingdom, with solar generation in southern England, wind generation in Scotland, and households served through digital channels. The company's central strategic proposition is that a single technology-oriented business can coordinate renewable assets, wholesale transactions, and retail relationships more efficiently than a conventional supplier whose primary role is customer billing and energy procurement.

• 2025

  Further funding and customer-scale milestone

  [1]Fuse Energyen.wikipedia.org

  By December, Fuse was reported to supply about 200,000 households and announced a $70 million funding round at an approximate $5 billion valuation.

• 2023

  Beta household service launched

  [1]Fuse Energyen.wikipedia.org

  Fuse began supplying several hundred homes in a beta phase.

• 2023

  Public energy-provider launch

  [1]Fuse Energyen.wikipedia.org

  Fuse launched publicly as a UK energy provider in July.

• 2022

  Company founded

  [1]Fuse Energyen.wikipedia.org

  Alan Chang and Charles Orr founded Fuse Energy as a technology-oriented energy business in the United Kingdom.

• 2022

  Paddington Power acquired

  [1]Fuse Energyen.wikipedia.org

  Fuse acquired Paddington Power, obtaining an Ofgem supply licence and a route into the regulated UK retail-energy market.

• 2022

  Seed financing completed

  [1]Fuse Energyen.wikipedia.org

  The company raised $78 million in seed funding from a syndicate led by Balderton Capital and Lakestar.

• 2022

  Renewable generation expanded

  [1]Fuse Energyen.wikipedia.org

  Fuse added a Scottish wind farm and several English solar farms to its operating model.

A technology-led, vertically integrated United Kingdom energy supplier combining renewable generation, wholesale trading, and direct digital retail service.

• Residential energy supply · 2023

  Fuse Energy electricity supply

  Fuse supplies electricity directly to UK households through its digital customer channels. Electricity retail is part of the company's broader vertically integrated model, which connects customer demand with renewable generation, wholesale procurement, and an internal trading operation. The service is presented through Fuse's app and website rather than through a purely traditional branch-based utility model.

• Residential energy supply · 2023

  Fuse Energy gas supply

  Fuse also supplies gas to customers in the United Kingdom. Gas retail complements its electricity proposition and allows the company to operate as a broader household energy provider. The available reference material does not specify individual tariffs, contract structures, or geographic eligibility beyond the company's UK market.

• Digital customer service · 2023

  Fuse Energy app and website

  Fuse uses its mobile application and website as the principal customer-facing channels for supplying and managing energy accounts. These digital interfaces support the company's technology-led positioning, although the available reference material does not provide a complete feature list or describe specific functions in detail.

• Renewable power generation · 2022

  Renewable generation portfolio

  Fuse's generation activities include a wind farm in Scotland and several solar farms in England, including assets in southern England. The portfolio supports the company's effort to connect renewable production with wholesale trading and retail supply. The available material does not identify the individual sites, capacities, or exact ownership arrangements for each asset.

• 2025

  Raise growth capital during residential expansionStrategy

  Background

  Fuse had expanded to approximately 200,000 UK households by December 2025 and sought additional capital for continued development.

  Action taken

  The company announced a $70 million financing round led by Balderton Capital and Lowercarbon Capital.

  Aftermath

  The financing announcement reported an approximate company valuation of $5 billion and marked a major private-market funding milestone.

  Funding raised and reported valuation. $70 million funding round; approximately $5 billion valuation (December 2025)

  Source

• 2023

  Move from beta testing to public retail launchProduct launch

  Background

  Fuse first tested its service with several hundred homes to validate its customer and supply operations.

  Action taken

  After the beta phase, Fuse launched publicly as an energy provider in July 2023.

  Aftermath

  The launch began the company's broader effort to acquire UK residential electricity and gas customers.

  Source

• 2022

  Acquire Paddington Power to obtain a supply licenceM&A

  Background

  Fuse needed an authorised route into the regulated UK retail-energy market as it developed its supplier business.

  Action taken

  The company acquired Paddington Power in February 2022 and obtained access to an Ofgem supply licence.

  Aftermath

  The acquisition enabled Fuse to move beyond energy technology and generation into direct customer supply.

  Source

• 2022

  Adopt a vertically integrated energy modelStrategy

  Background

  The company sought to combine renewable generation, market activity, and retail supply rather than operate only as a conventional energy reseller.

  Action taken

  Fuse acquired a Scottish wind farm and several English solar farms and established an internal energy trading desk alongside its retail operation.

  Aftermath

  The model connected Fuse's generation assets and wholesale operations with its direct electricity and gas supply business.

  Source

1. 1Fuse Energyen.wikipedia.org
2. 2Fuse Energy official websitefuseenergy.com