London-based energy startup Fuse has raised a $70m funding round led by Balderton and Lowercarbon Capital at a $5bn valuation.
Founded in 2022 by former Revolut executives Alan Chang and Charles Orr, the company provides customers with energy and develops its own renewable energy assets, including solar power. It currently supplies power to 200k households in the UK.
Other investors in Fuse’s new round include Nik Storonsky’s VC firm QuantumLight. Fuse previously raised a $78m seed round in 2022.
As of December 2025, Fuse Energy hit $400m in ARR (annual recurring revenue), according to the company.
The company competes with incumbent energy suppliers, some centuries old, as well as Octopus Energy, which was founded in 2015. Octopus now supplies 10m customers around the world and was last publicly valued at $9bn.
Fuse says it will use the latest funding to expand across Ireland, Spain and the US.
The company is also preparing to launch its first in-house consumer hardware products, including a micro-solar and battery solution which it says would allow consumers to generate their own solar power and help to balance the grid.
