Alan Chang was chief revenue officer at Revolut. In 2022 he left to found Fuse Energy in London with Charles Orr, who became chief operating officer. About 30 British energy suppliers had failed in the 2021-22 crisis.
Fuse bought Paddington Power in 2022 for its Ofgem electricity supply licence, later renamed Fuse Energy Supply. A $78M seed round was led by Balderton Capital and Lakestar. Fuse also bought a small generator, Balnamoon Renewables, in 2022.
Public electricity supply began in July 2023 and Ofgem granted a gas licence in November 2024. The Netley Central solar farm began operating in September 2025.
Fuse had about 50,000 customers in July 2025 and passed 300,000 by June 2026. A $70M round in December 2025 valued it at about $5bn, up from about $1bn in July 2025. Latest annual sales were GBP 129.7M.