Fuse Energy, a power provider founded by a former executives at Revolut, has secured a new £7.4m investment as it enters the gas market.
Launched in 2022 with a focus on low-carbon energy sources such as solar and wind, Fuse grew rapidly, adding 50,000 homes to its customer base since launch.
Though it has historically worked on renewable electric energy, the group has now launched a service suppling gas to UK homes, with the claim that as an essential utility for the majority of households in Britain, adding gas to its offering will give it access to a much larger slice of the energy market.
“Successive cost of living crises show that our energy system is no longer fit for purpose,” said Charles Orr, co-founder and chief operating officer at Fuse.
“Affordable energy isn’t a luxury, it’s fundamental to a decent standard of living and a productive economy. At Fuse, we’re building the technology needed to realise that future.”
Fuse suggested that by entering the gas market, it can ‘simplify’ energy supply for customers and support the acceleration of electrification.
“The world has a major energy problem: legacy utilities are slow, inefficient, and built on old infrastructure. There is little urgency among incumbents to change this,” said chief executive Alan Chang.
“Our integrated approach means we can drive down costs while investing in a more resilient grid – building the future of energy that is cheap, abundant and clean.”
The company also claims it will reinvest portions from its new revenue stream into clean energy infrastructure.
The new investment supporting the company’s expansion came from existing backers Balderton Capital and Lowercarbon Capital.
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