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Analysis

December 24, 2025

Operating losses and a delayed US launch raise questions for $5bn Fuse Energy

Filings for one of Fuse's UK entities show an operating margin of – 48%


Freya Pratty

7 min read

An early photo of the Fuse team, then known as Tesseract.

London-based Fuse Energy launched with a bang in 2022. It was the climate tech heyday and investors wanted in on the startup, which promised to upend the energy industry by providing customers with clean, cheap energy. 

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Alan Chang, founder of Fuse
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A solar panel system. Image credit: Mariana Proença
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Freya Pratty

Freya Pratty is Sifted's associate editor. She covers UK tech and leads Sifted's investigations. Follow her on X , LinkedIn and Bluesky

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