Draft:Fuse Energy


Introduction

Fuse Energy Supply Limited is a UK-based electricity and gas supplier. Founded in 2022, the company operates as a vertically integrated supplier, combining retail energy supply with its own renewable-generation assets and in-house energy-trading technology. Fuse began supplying electricity to domestic customers in 2023 and expanded into gas supply in 2024 after obtaining a gas supply licence.[1] As of 2025, the company serves more than 260,000 customers nationwide, positioning itself among the UK’s growing group of tech-focused challenger energy suppliers.

History

Fuse Energy was founded in 2022 by ex-Revolut employees Alan Chang and Charles Orr.[2] These co-founders went on to become the CEO and COO of Fuse Energy, respectively. Chang and Orr established Fuse Energy with the aim of building a vertically integrated energy supplier that would combine retail supply, renewable generation, and in-house trading technology. The company began by developing its trading systems and acquiring or partnering on renewable generation assets before entering the domestic retail market. Fuse launched its first electricity-only tariff in 2023, positioning itself as a low-cost challenger amid high post-crisis UK energy prices.[3] In late 2024, Fuse expanded into gas supply after obtaining a domestic gas licence.[1] By 2025, Chang and Orr continued to serve as CEO and COO, respectively, overseeing Fuse’s growth in customer numbers, energy supply, and renewable generation capacity.

Operations

Electricity and gas supply

Fuse Energy supplies electricity and gas to over 260,000 customers in the UK as of 2025.[1] The company initially launched as an electricity-only supplier before expanding into domestic gas supply in late 2024. The company is licensed and regulated by Ofgem. Fuse offers a range of tariffs, including variable-rate, fixed-rate and time-of-use (off-peak) tariffs, some of which are designed to support electric-vehicle charging and flexible consumption patterns. The supplier operates as an app-first and AI-native service model, in which account management and billing are primarily delivered through its digital platform. Fuse provides 24/7 customer support through its in-app chat service, with additional support provided through telephone service.

Warm Home Discount

Fuse Energy participates in the UK Government’s Warm Home Discount (WHD) scheme,[4] providing eligible low-income and vulnerable households with an annual bill rebate. The company administers the scheme in line with Ofgem regulations,[5] with automatic or application-based eligibility determined by the Department for Work and Pensions (DWP).[6]

Customer referrals

Fuse also operates a customer referral programme,[7] allowing existing customers to refer friends or family members to the service. Referral incentives typically take the form of account credits or bill reductions for both the referrer and the new customer.

Projects

Alongside supplying electricity and gas, Fuse Energy has multiple other projects in development, including solar farm development[8] and blockchain-based energy infrastructure.

Renewable energy assets and solar farms

Fuse Energy owns and operates several renewable-generation assets in the United Kingdom. Among its earliest facilities are:

  • Netley North Solar Park (≈ 5.1 MW): a solar farm on a repurposed landfill site.[9]
  • Bullous Park Solar Farm (≈ 12.1 MW): a dual-purpose solar farm that allows agricultural use under its solar array.[10]
  • Balnamoon Wind Farm (≈ 0.8 MW): a wind farm situated on the Moray hills in East Scotland.[11]

These acquisitions marked Fuse Energy’s first step into generation, reflecting its ambition to build a renewable energy portfolio rather than relying solely on energy trading or resale. As of 2025, the company reports a global development pipeline of hundreds of megawatts, indicating plans to scale up its renewables portfolio significantly.[8]

Green-hydrogen and engineering services initiatives

Fuse Energy lists green hydrogen among its longer-term development ambitions.[12] The company states it seeks to develop projects that convert renewable electricity into hydrogen, which could potentially be transported through existing gas infrastructure. Fuse also offers engineering and construction services to support the building and maintenance of renewable or hydrogen infrastructure.[8]

The Energy Network

In 2024, Fuse announced a strategic funding round aimed at building a decentralised renewable-energy network (a "DePIN", decentralised physical infrastructure network), using blockchain-based incentives to link generation, consumption, and grid optimisation.[13]

Under this initiative, Fuse raised US$12 million in a funding round led by Multicoin Capital to support what the company calls Project Zero.[14]

Through The Energy Network, users can connect devices including smart meters, home batteries, or EV chargers. The network aims to optimise demand by incentivising energy usage at times when renewable supply is high, rewarding participants with a native token called the $ENERGY Token based on Solana. The initiative was supported by the U.S. Securities and Exchange Commission (SEC), which issued a no-action letter regarding the token in November 2025.[15]

Fuse states that participants can earn tokens by shifting or exporting energy during periods of grid strain, and can redeem ("burn") them for discounts on hardware such as batteries, EV chargers, or solar kits. This forms part of the company’s approach to integrating renewable generation, demand management, virtual power plants (VPPs), and consumer incentives.[16]

Funding and growth

Fuse Energy received early investment of US$78 million from former Formula One world champion Nico Rosberg,[17] who backed the company during its initial funding phase. Venture-capital firms focused on climate and sustainability technologies raised the company’s total investment to US$85 million with participation from Multicoin, Lakestar, Accel, Creandum, and Ribbit.[18] In the summer of 2025, Fuse raised further funds from Lowercarbon Capital and Balderton Capital, bringing total investment to US$100 million.[19]

By 2025, Fuse Energy had reportedly raised a total of around US$100 million in funding across multiple rounds.[18][19] In November 2025, the company announced a funding round valuing Fuse at approximately US$5 billion. The valuation reflected rapid growth in its customer base, reported as a three-fold month-on-month increase during Q4 2025, along with expansion of its renewable-generation assets and annualised revenue. In September 2025, Fuse passed US$300 million in annual recurring revenue (ARR), contributing to reductions in UK household energy bills by around £200.[20]

References

  1. ^ a b c "Fuse Energy Supply Limited: Notice of grant of gas supply licence". Ofgem. Retrieved 2025-12-01.
  2. ^ "Fuse Energy: From startup to unicorn in three years". BusinessCloud. Retrieved 2025-12-01.
  3. ^ "Fuse Energy launches as new UK supplier with cheapest electricity prices". Bloomberg. 2023-07-19. Retrieved 2025-12-01.
  4. ^ "Warm Home Discount Scheme: List of energy suppliers". HM Government. Retrieved 2025-12-01.
  5. ^ "Warm Home Discount (WHD) guidance". Ofgem. Retrieved 2025-12-01.
  6. ^ "Warm Home Discount: Guarantee Pension Credit eligibility". HM Government. Retrieved 2025-12-01.
  7. ^ "Promotions and referrals – Terms and Conditions". Fuse Energy. Retrieved 2025-12-01.
  8. ^ a b c "Projects". Fuse Energy. Retrieved 2025-12-01.
  9. ^ "Netley North Solar Park". Fuse Energy. Retrieved 2025-12-01.
  10. ^ "Bullous Park Solar Farm". Fuse Energy. Retrieved 2025-12-01.
  11. ^ "Balnamoon Wind Farm". Fuse Energy. Retrieved 2025-12-01.
  12. ^ "Fuel Mix". Fuse Energy. Retrieved 2025-12-01.
  13. ^ "Decentralised Renewable Energy Network". Notion. Retrieved 2025-12-01.
  14. ^ "Project Zero". Fuse Energy. Retrieved 2025-12-01.
  15. ^ "No-Action Letter: Fuse Crypto Limited". U.S. Securities and Exchange Commission. 2025-11-24. Retrieved 2025-12-01.
  16. ^ "The Energy Network". Fuse Energy. Retrieved 2025-12-01.
  17. ^ "Nico Rosberg accelerates with venture capital fund launch". Business Matters. Retrieved 2025-12-01.
  18. ^ a b "London's Fuse Energy raises €8.5 million and launches gas supply". EU Startups. 2025-07-01. Retrieved 2025-12-01.
  19. ^ a b "Fuse Energy secures investment". UK Tech News. 2025-07-24. Retrieved 2025-12-01.
  20. ^ "Fuse Energy passes $300m ARR — and it's not AI". The Energyst. 2025-09-01. Retrieved 2025-12-01.

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