Bulb Energy Ltd., trading asBulb, is a privately financed energy supply company operating in the United Kingdom, Texas, Spain, and France. Bulb is based in London. Bulb began trading in August 2015, buying and selling electricity and gas to supply domestic properties. It is one of over 70 smaller energy companies competing with the "Big Six energy suppliers" which dominate the UK market. Bulb competes on price, offering a single variable tariff. It supplies 100% renewable electricity and 100% carbon neutral gas. Attracting venture capital, Bulb runs at a financial loss while achieving rapid growth in customers. Bulb has over 1.5 million customers, representing a 5% domestic market share.
Company history
Founding
Bulb Energy Ltd. was incorporated in April 2013 under the name Regent Power Ltd., and was known as Hanbury Energy Ltd. between June and October 2015. Its parent company is Simple Energy. The company began to trade energy in August 2015. Since it began trading, the directors have been Amit Gudka, a former energy market trader for Barclays, and Hayden Wood, a former management consultant.
Finance capital
Initial funding came from the founders' savings and from their personal contacts. Backing was then obtained from JamJar Investments. In August 2018 a further £60 million funding was secured from two backers: DST Global, and US hedge fundMagnetar Capital. The value of the company is thought to be between £400M and £500M.
Growth
Growth has been rapid since the start of 2017, and by early March 2019 the company had over 1 million customers and was employing over 550 staff. Its headquarters moved in February 2019 from offices at Hanbury Street, Shoreditch to Bishopsgate in the City of London.
Date
Customers
Source
January 2017
15,000
August 2017
100,000
January 2018
200,000 300,000
August 2018
670,000
January 2019
870,000
March 2019
1,130,000
October 2019
10,500,000
Bulb is the UK's largest renewable energy supplier, and the UK's seventh largest energy supplier, smaller only than the "Big Six". Bulb is the only company to achieve this growth without taking over other companies, as rival companies have done. SyndicateRoom identified Bulb as the UK's fastest-growing private company of 2018.
Current provision
In the year 2018-2019, Bulb's renewable electricity was generated as follows: 73% from wind power, 24% from solar power and 3% from hydroelectricity. Bulb's carbon neutral gas was composed of 10% biogas and 90% carbon offset. In addition to domestic households, Bulb also supplies energy to businesses. Bulb announced in June 2019 that they were expanding to France, Spain and Texas.
