Since Fuse’s seed round, we’ve had front-row seats as they raced from a pre-product company to a full-stack energy business generating more than $400m in ARR. This all-out sprint began the day they signed up their first customer in late 2023. This summer, they hit 50k users. Then blew past 150k months later. Behind the scenes, complexity shot up as they expanded across markets, asset types, and customer segments. Yet what customers see remains simple: lower costs, 24/7 support service, and a software platform that doesn’t feel like it was designed – with apologies to early Netizens – in 1998. When you scale that fast in one of the most unforgiving and indispensable industries in the world, our work is easy. We’ve invested in Fuse once, twice, and now three times as they build an energy company modeled for the age of AI.
A Soup-to-Nuts Grid Operator
You can’t move an electron from a power plant to a socket by owning just one piece of the system.
Electricity snakes through miles of generation assets, trading desks, wires, transformers, meters, hardware, and software – each layer shaped by different incentives, regulations, and time horizons. For decades, energy companies picked a slice of this chain and optimized locally. That worked when demand was predictable, the weather was stable, and power flowed in one direction.
Yet, that version of the grid no longer exists.
Today’s grid is volatile by default, and under those conditions, partial ownership breaks. Delivering cheaper, cleaner, and more reliable electricity requires control across the entire journey, rather than just one link in the chain.
Fuse was built upon that insight. It’s a full-stack energy company that unifies everything from power plants to customers (homes and commercial buildings) under a single operating system designed to deliver electrons with as little friction as possible.
More Bang, Less Buck.
Delivering cheaper, cleaner energy begins with power generation itself and ends with hardware installed in homes and businesses. Fuse owns 450 MW and counting of power plants operating today, with a total of 1 TW of renewable capacity in the strictly metaphorical pipeline. At the other end, their network of smart meters, EV chargers, and batteries collects a continuous stream of energy-use data.
Fuse’s software layer synthesizes all these discrete points of information into a single operating system for energy. It forecasts demand and uses those signals to buy and sell power. Their trading desk, in turn, informs real-time dispatch decisions. Dispatch shapes household-level consumption, producing a stream of data that flows directly back into the model. Turns out, frequent communication is an antidote to volatility. (Right there’s a free therapy lesson.)
Owning that loop not only reduces risk but also boosts the economics. Supply can be bought and sold with finer resolution because demand is forecasted home by home. If customer demand spikes suddenly, Fuse’s owned-and-operated power plants serve as additional insurance. The result is a business that can price more tightly, grow more predictably, and stay upright through market conditions that tend to knock down more fragmented retailers.
When Homes Start Behaving Like Infrastructure.
You may feel ambivalent about the expanding list of apps you need to manage your household appliances, but the result is turning millions of endpoints into active participants in an energy-sensing network. Your car, home, or business runs better when it opens up a two-way dialogue with the infrastructure it depends upon. EVs charge when power is cheaper and cleaner. Batteries absorb excess generation rather than waste it. Fuse customers interact with energy in real time, and the company’s retention rate suggests that users enjoy gabbing with the grid.
At scale, this coordination changes the customer’s role. Homes stop behaving like passive endpoints and start acting like flexible infrastructure. In this new paradigm, homeowners look for prompts to shift a dishwasher load or a car-charging session, not because they’re concerned about the grid’s well-being, but because Fuse pays them to do it. Think Airbnb, but for kilowatts instead of guest rooms, and without the awkward host reviews. In aggregate, they form virtual power plants that respond to grid conditions and invite homeowners to sell spare capacity back to the market.
As If All That Wasn’t Enough.
Energy vets will be the first to point out that demand-response isn’t a new idea. They aren’t wrong. Fuse just has a new solution. They’re introducing an incentive token, called $ENERGY, to address a problem that has held back every previous distributed energy resources scheme that has seen the light of day: compensating people precisely and instantly for adjusting behavior at useful times.
When a customer shifts demand out of a peak hour, exports stored energy, enrolls a charger or battery, or installs new capacity, Fuse can measure the value of that action in real time. $ENERGY is how that value gets returned.
This is a reward layer tied directly to physical outcomes. Fuse knows when the system is stressed and which assets are helping stabilize it. The token translates that info into bankable value, no regulatory gymnastics required. Over time, this creates a tighter feedback loop between the grid and the customer. The system asks for help. Customers respond. Compensation instantly arrives. Participation becomes tangible.
The Fuse Is Lit.
Ambition is a word we keep coming back to when we talk about Fuse and founders Alan Chang and Charles Orr. With off-the-charts drive and a laser focus on the customer, these two helped make Revolut the $75b fintech powerhouse it is today. And now they’re doing it again with Fuse.
Fuse is building a flexible and iterative system that’s better able to manage the volatile evolution of today’s power grid. Every charger that plugs in, every battery that responds, every customer that opts into automation makes the whole machine a little sharper and harder to replicate.
When the economics snowball, the payoffs are rapid user growth (99% retention) and durable earnings (400x growth). All with near-zero marketing spend. But you can’t transform civilization’s most vital infrastructural asset with juicy numbers alone. You do it by consuming the entire grid. In what’s become Fuse’s signature move, they’re reinvesting these profits right back into the business to compound their advantage. To start, that means building 1 GW of solar and storage capacity globally, expanding into new markets (the U.S., Ireland, and Spain), and launching even more products to manage electrons with ease. We’d say this team is burning the midnight oil except they’re, you know, using electricity.
We keep backing Fuse because it’s rare to see a system this complex come together with momentum and clarity. If you want to experience it firsthand, you can sign up as a customer (for now, in the UK only) and let your house start pulling its weight on the grid. If you enjoy building systems where the feedback loops are real and the stakes aren’t theoretical, Fuse is hiring. When users control their electrons, the market rewrites itself. Fuse is flipping that switch.
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