Renewable energy supplier Bulb has announced it is expanding its operations to France, Spain and Texas in the United States.
The London-based challenger brand says it will mirror how it began life in the UK through a “family and friends” launch later this year before a public launch in 2020.
Bulb has seen huge growth in the UK market over the last four years and now has more than 1.3 million customers.
Co-founder and chief executive Hayden Wood said the company will supply greener, cheaper energy in these new markets thanks to an “efficient business model and innovative technology” developed in the UK.
Wood said: “When we started Bulb in the UK, we saw the same story at all the big providers – poor service, high tariffs, inefficiency and little support for renewables.
“We’re excited to give the people of France, Spain and Texas a better choice about where they get their energy from.
“We’re proud to supply more than 1.3 million members in the UK with affordable, renewable energy.
“And we’re excited to continue our mission beyond the UK, welcoming international members to Bulb, and helping even more people save money on their bills and cut carbon emissions.”
Last December Bulb was named as the UK’s fastest-growing private company by online investment company SyndicateRoom in its “Top 100” report.
The report uses data provided by independent research firm Beauhurst to create a league table of the private UK companies that have increased in value the most since 2015.
The 100 per cent renewable energy supplier topped the list after increasing its valuation 351 times since it was founded in 2015.
Bulb received a £60 million injection from two major international investors – DST Global and Magnetar in August last year.
The company said it will use the investment to help it hire more “top-class engineers and energy experts who help deliver its top-rated customer service” for its members.
The investment prompted speculation that the company might be up for sale and had been courting the attention of New York and Silicon Valley funds.
However in a statement to Utility Week chief executive Wood denied the rumours.
He said: “I’m happy to confirm that there is no possibility that Amit and I would even contemplate selling Bulb.
“We want to help as many people as possible cut their carbon emissions and save hundreds of pounds each year on their energy bills.
“We are extremely excited that hundreds of thousands of people have already switched to us to get affordable, renewable energy – but we want to go much further.
“We will use the new funding we have just secured to invest in great new technology for our members.”
The supplier featured in LinkedIn’s UK “Top Startups” list for 2018, the only utility company to do so.