Bulb Energy tops FT 1000 ranking with focus on renewables. While working as a management consultant at Bain, Hayden Wood was sent to one of Britain’s top six energy suppliers. What he witnessed was “quite a shock”. “I would come back from a day at work and we would be chatting in the pub and I’d say: ‘You wouldn’t believe what I am seeing . . . some of these software packages are from the early 90s’,” recalls Wood. “I just thought the energy companies could be investing in innovation and new technology and creating better experiences for their customers.” So he co-founded Bulb Energy, a UK energy supplier, in 2015. It now tops the latest FT-Statista ranking of Europe’s 1,000 fastest-growing companies, with 2019 revenues of £1.7bn and a 2016-19 compound annual growth rate of 1,159 per cent (Statista calculates revenues according to calendar year; Bulb’s year end is March 31). Wood co-founded the company with Amit Gudka — a friend he first met at a music festival in Croatia, who had spent nearly eight years as an energy trader at Barclays. Gudka became Bulb’s chief energy officer and, although he has since left, he retains a seat on the board. Bulb has been able to use its lower overheads to undercut incumbents, luring customers with claims of simpler pricing structures and 100 per cent renewable electricity. Last year, it expanded internationally, into France, Spain and Texas. Since its foundation it has expanded to around 1.7m customers. That makes Bulb the sixth-biggest supplier in Britain, with nearly 6 per cent market share, according to data from the energy regulator Ofgem.
FT 22nd March 2021 read more »