Bulb has denied weekend media reports that it is up for sale.
Responding in a statement to Utility Week today, the renewable energy company’s chief executive Hayden Wood, who co-founded the firm with Amit Gudka, 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.”
One newspaper report cites city sources as revealing the firm – described as ‘Britain’s fastest-growing start-up’ and which could be worth an estimated £500 million – had been courting the attention of New York and Silicon Valley funds following a £60 million investment.
However, Wood’s statement to Utility Week added: “We want to help make the UK one of the greenest countries on the planet. That mission is what drives us and that is why Bulb is not for sale. Why would we stop now? We are only just getting going.”
Earlier this week Bulb, which was set up in 2015, announced it had secured a £60 million injection from two major international investors. The mid-tier supplier, with a customer base of around 670,000, received the money from DST Global and Magnetar.
The company said the funding would help it hire more engineers and energy experts. Currently, it has a total staff of 200 but expects that figure to hit 250 by next year.
Speaking at the time, Wood said he was “delighted” to have the investors on board and added: “To be backed by DST Global is a fantastic endorsement as we develop technology to transform the way energy is used and produced. Energy is being revolutionised by renewable generation, battery storage and smart meters and we’re excited to introduce this technology to homes across the UK.”
Meanwhile Tom Stafford, managing partner of DST Global had said: “We are delighted to partner with Hayden and Amit, as they build an internet and technology-driven business to reduce cost for consumers, improve the quality of service and promote the use of renewables in the UK energy market.”
This week the company also hinted at a further price rise due to increased wholesale energy costs.