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A new electricity-only energy retailer has entered the UK market, the first since the energy crisis began two years ago.
Fuse Energy Supply, founded by former Revolut executive Alan Chang and Charles Orr, who also worked at the fintech giant, is being advised by former Ofgem chief executive Dermot Nolan. It also has financial backing from ex-Formula One driver Nico Rosberg.
The app-based renewable power supplier is promising “the cheapest tariff in the UK”, a variable offering that is £50 lower than the price cap. Additionally, it is offering customers free energy on their birthday.
Fuse operates 18MW of renewables sites in the UK. These consist of two solar farms, one in Exeter and one in Southampton, as well as a windfarm in Balnamoon in Scotland.
According to the company’s website, there is a further 100MW “on the way”.
Fuse was formerly known as Tesseract and the company purchased Paddington Power in February last year. Paddington was granted its electricity supply licence in July 2013.
Co-founder Chang is a physics graduate from Imperial College London and was previously Revolut’s chief revenue officer.
Orr meanwhile previously worked in special projects at Revolut before joining European venture capital firm Mosaic in September 2020 as an investor.
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