London-based Fuse Energy, a UK electricity supplier, has secured €8.5 million in a follow-on investment. Lowercarbon Capital and Balderton Capital led this funding round. This capital injection supports Fuse Energy's expansion, including its entry into the domestic gas market.
Fuse Energy's total funding now stands at €85 million. The company, founded in 2022 by former Revolut executives Alan Chang and Charles Orr, also reported €76 million in annualised revenue.
Expanding Energy Supply and Innovation
The company currently supplies electricity to 50,000 UK homes. Fuse Energy aims to simplify energy supply for consumers, similar to how other major providers like Octopus Energy and British Gas operate. It manages the entire energy journey, from source to socket, including its own low-carbon generation assets. These assets include solar and wind farms, with 18 MW active and over 1 GW in the pipeline across the UK, US, and Europe.
This new funding will facilitate Fuse Energy's international expansion into Ireland, Europe, and the US. The company plans to boost product development and research and development efforts. Furthermore, it will introduce new AI-powered app features, aiming to reduce household energy bills. Fuse Energy also reinvests revenue into renewable energy infrastructure, pioneering technologies like green hydrogen gas.