Fuse Energy has become one of Europe’s fastest-growing startups by tackling the problem of soaring energy bills.
Founded in 2022 by ex-Revolut executives Alan Chang (pictured) and Charles Orr, the London company has surged past $300 million in annual recurring revenue (ARR) while helping more than 150,000 households cut their bills by up to £200 a year.
Just a few years ago, Fuse (formerly called Tesseract) was operating on little more than conviction and ambition, with Chang and Orr believing the energy sector was overdue for reinvention.
“While tech was being used to transform everything from payments to transport, no one was taking that same approach to energy,” said Chang.
“We discovered an industry that had lost its urgency. Grid infrastructure is failing, bills are rising, and the customer experience is terrible.
“We decided to build everything from scratch: power generation, trading, home hardware installations, and retail energy.”
The ambition now appears to be paying off.
In its early stages, the London-based business posted a five-fold increase in revenue and, before the latest funding round, had scaled to $90m in annual revenue.
Investors such as Nico Rosberg, via his Rosberg Ventures, came onboard early, backing the now-three-year-old firm for its mission to align profitability with impact.
Balderton Capital, which led a recent $10m round, valued Fuse at ‘north of £750 million’, giving the startup its unicorn status.
The business took two years to reach its first 50,000 homes.
In August this year, it added another 50,000, taking it past 100,000, and today it serves over 150,000.
That pace has driven Fuse to a 7x year-on-year increase in Q3 2025, making the company not just the UK’s fastest-growing energy startup, but a standout globally.
Now, the firm owns and operates much of its own energy stack – generation assets (solar, wind), in-house trading, hardware installations and consumer retail.
It also launched gas supply recently to target the 84% of UK homes that use both gas and electricity, with its goal being to own the full journey from ‘source to socket’.
Chang has cited inspiration from Revolut’s cult-like drive and its ‘never settle’ culture.
He told Civic Future’s summit: “If you’re not number one, that’s not good enough.”
With winter and the energy price cap increase in October fast approaching, the company says the timing of Fuse’s growth is critical.
To date, it has raised $100m, including the most recent $10m round, and it is planning European expansion as well as further innovation in its energy stack.
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