London-based Fuse Energy has been valued at $5bn (£3.7bn) after securing a new $70m (£52.3m) investment round.
Founded in 2022 by alumni from Revolut’s executive team, Fuse Energy was launched with the mission to offer cheaper and more abundant power than the competition.
The company combines all aspects of the energy process into its activities, including renewable site construction, power generation, reading, supply, installations and hardware.
“From source to socket, we are simplifying the entire energy system by bringing every stage in-house,” said Alan Chang, co-Founder and chief executive at Fuse Energy.
“Combined with a relentless focus on efficiency and execution, we’re solving problems no one else can. This new capital and continued investor demand reinforce that we’re building one of the defining companies of the next decade.”
The investment round was led by Balderton Capital and Lowercarbon Capital and will go towards accelerating the firm’s international expansion.
“Europe needs sustainable, scalable and resilient power to support the next wave of technological and economic growth, as AI accelerates and energy demand rises,” said Daniel Waterhouse, general partner at Balderton.
“Fuse is rebuilding the entire energy system from first principles: vertically integrated, relentlessly efficient and engineered for scale.
“Alan and Charles’ massive ambition to redefine how the future is powered is what first got us excited three years ago, and the pace and quality of execution since has been beyond our wildest expectations. We’re proud to continue supporting this phenomenal team as they power Europe’s future.”
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