Executive Summary
Fuse Energy achieved £260M revenue in three years through 10X annual growth, applying Revolut's execution playbook to energy infrastructure. Alan Chang, former Revolut executive, identified a structural opportunity in UK energy markets where over-regulation has created 25% consumption decline over 25 years while energy costs remain 3X higher than China. The company built a full-stack energy operation for £1M initial capital, acquiring generation assets, trading licenses, and regulatory expertise. Chang's thesis centers on energy abundance rather than conservation: 'We should be using more energy. There's a strong correlation between energy use per capita and quality of life.' The UK energy crisis stems from over-regulation making physical infrastructure nearly impossible to build, combined with incumbent energy companies lacking technological sophistication. Fuse's approach mirrors Revolut's speed-first culture with extreme ownership principles, hiring only candidates who demonstrate deep commitment to the mission. The company targets becoming larger than Shell (£300B market cap) by leveraging technology to solve grid management challenges created by renewable intermittency. Chang argues that current 'renewable' energy claims are false marketing since solar and wind require fossil fuel backup during non-generating periods, creating arbitrage opportunities for sophisticated energy traders.
Key Insights
what Alan Chang said“If you look at energy consumption per capita in the last 25 years, UK has dropped 25%. In the US, it's been flat. In China, in the same period of time, it's gone up by seven times”
what Alan Chang said“Any energy company that's claiming their harm's sound of the renewable is a complete lie. They're simply buying renewable certificates to claim their harm's sound of the renewable”
what Alan Chang said“Energy is 16% of our revenues in the UK, whereas comparatively else, where it's three to four percent”
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