Fuse Energy eyes $5bn valuation as CEO lifts the lid on ‘hardcore mode’ work culture: ‘No holidays till launch’

Fuse Energy is reportedly in talks to raise fresh capital at a $5bn valuation – a fivefold jump from July. Chris Sacca’s Lowercarbon Capital is expected to lead the new round, with Balderton Capital also participating.

Fuse’s new raise would push it five times higher than just four months ago when the company raised $10m at a $1bn valuation. For a three-year-old utility, it sounds absurd. But listen to co-founder and CEO Alan Chang, Revolut’s former chief revenue officer, and you’d understand that Fuse is not a regular energy company.

Perhaps inspired by Revolut CEO Nikolay Storonsky, Chang is unashamedly building a high-intensity tech company. And for him that means getting the best out of the best people – and pushing them to their limits.

“I told the whole company we need to go hardcore mode. That means no holidays until launch,” Chang said during an interview at Slush 2025 last week.

Fuse eventually lifted the ban shortly after it went to market in July 2023. Chang didn’t. “For me, personally, I’m still in hardcore mode,” he said. “And I still don’t think we're not moving fast enough. It feels pretty slow.”

Fuse recently hit €300m in annual recurring revenue (ARR), and claims revenue has grown 10x every year since launch.

Chang believed that onboarding the right people was a big part of that initial growth. “Hiring very, very smart people who are ambitious, highly technical, high-IQ and have tremendous work ethic… that gets you 80% there,” he said.

Fuse now serves more than 200,000 UK households, capturing what Chang describes as “70% of all the customers switching energy suppliers” from competitors such as Octopus Energy or Ovo Energy.

Fuse claims it can build infrastructure more efficiently than traditional developers, leading to lower costs. “We can build solar 30% cheaper because we do everything in-house,” he says.

However, while it does build solar farms, Fuse rightly stops short of calling itself a 100% renewable supplier. Its own fuel-mix disclosure shows that less than 20% of the electricity it provides comes from its own solar and wind assets, with the majority sourced from the general grid, which in the UK is highly reliant on natural gas.

Chang has big, perhaps greener, plans for the future, though.

“In five years, we’ll be in 30 markets with a fully integrated energy business and deploying gigawatts of solar,” Chang says. “We also want to invest in R&D into new technologies like nuclear fusion.”