|Predecessors||Regent Power Ltd., Hanbury Energy Ltd.|
|Founded||April 2013, UK|
|Founders||Amit Gudka, Hayden Wood|
Number of employees
Bulb Energy Ltd., trading as Bulb, is a privately financed energy supply company operating in the United Kingdom, 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 buys all its electricity and 10% of gas from renewable sources. Attracting venture capital, Bulb currently runs at a financial loss while achieving rapid growth in customers.
As of March 2019[update] Bulb has over a million customers, representing a 3% domestic market share. It is the largest supplier of renewable energy in the UK, and the eighth largest supplier overall.
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.
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 (owned by Russian billionaire Yuri Milner), and US hedge fund Magnetar Capital. The value of the company is thought to be between £400M and £500M.
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 200 staff. Its headquarters moved in February 2019 from offices at Hanbury Street, Shoreditch to Bishopsgate in the City of London.
In terms of size Bulb has become the UK's eighth energy supplier, smaller only than the "Big Six" and Ovo Energy, and the UK's largest renewable energy supplier. This has been achieved without taking over customer accounts from failed suppliers, as rival companies have done. An online investment company, SyndicateRoom, identified Bulb as the UK's fastest-growing private company of 2018. Further reports of Bulb growth in 2018 with over 1.3m customers, passing £1.3bn in revenue, and raising over £60m in venture capital.
Bulb has attracted customers by promoting its "good customer service, low prices and promise to only use 100% renewable energy", and its uniform tariff structure: there is one tariff for all customers, with no exit fees or fixed-term contracts. Bulb has suggested that the Big Six are overcharging, but the co-chief executive of one of the Big Six companies has cast doubts over the sustainability of pricing policies of Bulb and some of the other smaller companies, in the face of Bulb's £23.7m loss for the financial year 2017–18.
Bulb supplies 100% renewable electricity, and 10% of its gas is "green" gas from biomethane. About 50% of the electricity supplied by Bulb comes from wind power, 40 per cent from solar and most of the remainder from hydroelectricity.
In addition to private households, Bulb supplies energy to businesses, although not to sole traders.
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