Fuse Energy Sparks Expansion into UK Gas Market with £7.4 Million Boost

A renewable-focused energy startup is setting its sights on a bigger share of the UK’s domestic energy market. Fuse Energy, founded by former Revolut executives, has closed a new £7.4 million funding round as it expands beyond electricity into gas supply.

The company, launched in 2022 with an emphasis on low-carbon power from sources such as solar and wind, has experienced rapid growth. In just two years, it has added around 50,000 homes to its customer base. Until now, Fuse has concentrated exclusively on renewable electricity. That changes with the launch of its new service, which delivers gas to households across the UK.

“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 believes this move opens the door to a much larger market. Gas remains an essential utility for most British homes, and by adding it to its portfolio, Fuse hopes to strengthen its market position while also funding further clean energy projects. According to the firm, a portion of the revenue from gas sales will be reinvested in renewable infrastructure.

The funding for this expansion comes from two of the company's existing investors, Balderton Capital and Lowercarbon Capital, both of which have backed the company since its early stages.