Fuse Energy Raises $10M at £750M+ Valuation to Scale Its Vertically Integrated Clean Energy Model

July 24, 2025

Fuse Energy, the London-based vertically integrated energy company, raised $10 million from Lowercarbon Capital and Balderton Capital in July 2025, at a valuation described by Balderton General Partner James Wise as “north of £750 million.” The raise forms part of Fuse’s broader capital programme, which has seen the company raise over $100 million in total since its 2022 founding, and follows revenue growth of more than seven times year-on-year in Q3 2025. The capital will be deployed into product launches, engineering headcount, and international market expansion.

Energy is one of the most significant industries in the global economy and one of the most structurally inefficient. The typical UK household’s electricity bill reflects a supply chain with layers of intermediary cost: power generators, wholesale brokers, network operators, and retail suppliers each take margin, creating a system in which the gap between what electricity costs to produce and what consumers pay is substantial. At the same time, the energy transition is creating enormous new investment in renewable generation — solar and wind sites that produce electricity at falling costs — but most of that investment flows through structures that separate generation from trading from retail, each with its own management overhead and margin requirement.

Fuse’s insight, drawn from co-founders Alan Chang and Charles Orr’s experience at Revolut, was that vertical integration — owning the entire value chain from “source to socket” — is the structural advantage that enables both lower consumer prices and higher unit economics. Fuse builds and operates its own renewable generation sites (solar and wind), runs its own trading software to place power on the grid at optimal moments, manages retail supply to households, and sells hardware installations directly. This integrated model eliminates the inter-company margins that accumulate in a fragmented supply chain, allowing Fuse to deliver electricity at approximately 10% lower cost than incumbents. The company supplies more than 200,000 UK households and claims to help customers cut their bills by up to £200 per year. Revenue crossed $300 million annually by late 2025, growing at close to 10x per year since launch.

The $10 million from Lowercarbon and Balderton funded continued product launches and the engineering build-out needed to sustain Fuse’s pace of expansion. A subsequent Series B of $70 million at a $5 billion valuation, announced in December 2025, confirmed the pace at which Fuse’s scale and investor conviction had grown, with the round attracting Ribbit Capital, Lakestar, Creandum, Accel, and others alongside the original Series A investors.

Chang’s background at Revolut — where he joined as the fifth employee, became head of operations at 22, and chief revenue officer at 27 — and Orr’s experience leading special projects at the same company, explain both the operational discipline and the hiring philosophy. Fuse recruits quantitative engineers from high-frequency trading firms and operational talent from physical engineering companies like Tesla and SpaceX, reflecting a conviction that the energy sector’s problems are fundamentally algorithmic and engineering problems rather than financial or regulatory ones. Balderton’s Wise described the trajectory as having exceeded expectations since the seed round: Fuse is proving that a verticalised energy company can be more profitable and scale faster than incumbents while serving customers with a better product.

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