The founders saw an opening in Britain's fractured energy market. Now they're trying to prove they can own the entire chain—and make money doing it.
Fuse Energy, the London-based startup founded by two former Revolut executives, has quietly extended its Series B round with €25 million in fresh capital, according to an announcement from the company. The extension brings aboard 20VC and Collaborative Fund. The company secured a $5 billion valuation during its initial Series B close six months earlier, though secondary market data suggests the valuation may have since adjusted to approximately $4.2 billion.
It's a hefty price tag for a company still proving out its model—one that bucks the trend among renewable energy startups by attempting to control everything from power generation to the retail customer relationship. Most clean energy ventures pick a lane. Fuse wants to own the highway.
Building the Entire Stack
Alan Chang and Charles Orr, who left senior roles at the fintech darling Revolut to start Fuse in 2022, describe their approach as "source to socket" integration. That means building generation assets, running a trading desk, and managing customer accounts—all under one roof. It's capital-intensive. It's operationally complex. And according to the company, it's starting to work.
Fuse now counts more than 300,000 UK households as customers, according to EU-Startups, up from 200,000 at the time of the Series B primary close. Perhaps more significantly, the startup reports monthly EBITDA profitability since December 2025—a milestone that addresses earlier questions about whether the model could generate sustainable unit economics, though independent financials are not publicly verified.
Whether those figures hold up under closer scrutiny remains an open question. Energy startups often tout profitability metrics that shift with wholesale price movements or seasonal demand. Still, the backing from tier-one venture firms suggests someone believes the numbers.
Balderton Capital and Lowercarbon Capital, who co-led the original $70 million Series B, continue to support the company. That December round also pulled in Accel and QuantumLight, the investment vehicle of Revolut founder Nik Storonsky—a vote of confidence from the very network Chang and Orr left behind.
Aggressive Hiring, Big Infrastructure Bets
The extension capital will fund what looks like a sprint toward scale. Fuse is building out a 1 GW generation pipeline—a substantial commitment that will require additional capital down the line—and has leased a 32,000-square-foot headquarters in Canary Wharf. The company plans to add more than 380 employees over the next year, a hiring push that would significantly expand its current headcount of approximately 330 employees.
On the consumer side, Fuse competes on price. The company offers variable tariffs it says consistently undercut the UK's Ofgem price cap, along with fixed-rate contracts and EV-specific off-peak pricing. Consumer comparison platforms like Which? and Forbes Advisor UK have listed Fuse among the market's cheapest suppliers, though such rankings are notoriously fluid—wholesale costs and regulatory changes can scramble the league tables in weeks.
A Funding History That Raises Eyebrows
Fuse's fundraising trajectory has been nothing if not aggressive. The company launched with a $78 million seed round in September 2022—an unusually large figure for a pre-revenue startup—co-led by Balderton and Lakestar. Accel, Creandum, Lowercarbon Capital, Ribbit Capital, BoxGroup, and Formula One driver Nico Rosberg all participated.
From there, the capital kept flowing: a $10 million top-up in September from Lowercarbon and Balderton, then the $70 million Series B in December, now this €25 million extension. Publicly announced rounds add up to approximately $188 million, though EU-Startups has reported total fundraising at €214 million (roughly $250 million).
The gap likely reflects debt financing or project-specific capital arrangements—common enough in asset-heavy infrastructure businesses but worth noting. Energy generation requires upfront capital that equity investors don't always want to provide directly.
The American Question
Regulatory filings in New York State earlier this year hint at U.S. ambitions, though Fuse hasn't announced a timeline. Entering the American market would mean navigating a patchwork of state regulators, different grid operators, and entrenched utilities with deep lobbying resources. It's a heavier lift than expanding within the UK.
Still, the logic isn't hard to see. If the vertically integrated model works in Britain—where Fuse faces established players like Octopus Energy, British Gas, and EDF—it could theoretically translate to states with deregulated retail markets. Texas, Illinois, and parts of the Northeast come to mind.
What Comes Next
For now, Fuse remains a UK story. The company is betting it can differentiate through full-stack control in a sector where most startups touch only one piece of the value chain. Generation companies don't usually retail. Retail suppliers rarely own generation.
Whether that vertical integration yields sustained competitive advantage—or just operational headaches—depends on execution. The capital is there. The customer growth is real, at least for now. What remains to be seen is whether Fuse can maintain profitability as it scales infrastructure, hires aggressively, and potentially crosses the Atlantic.
One thing seems certain: the founders didn't leave Revolut to build a modest business.
