Energy Supplier Bulb is named fastest growing company in Europe as it launches new EV tariff plan

Rapid growth

The FT 1000 measures Europe’s fastest growing companies of 2021 and showed that Bulb has a compound annual growth rate of a whopping 1159.3%.

Since the energy supplier’s founding in 2015 it has seen an absolute growth rate of a staggering 199626.7% and continued to grow despite the challenges posed by the Covid-19 pandemic and the UK’s departure from the European Union.

Many companies and other energy suppliers have seen profits tumble and struggle to tackle the challenges created by the pandemic, but Bulb saw its revenue surge from the £845,225 it made in 2016 to £1,489,726,504 in 2019.

The number of employees at the supplier has also soared from just 55 from the time of its founding to 575 in 2019.

Also read: How can smaller energy suppliers be competitive?

Continued Expansion

Bulb proves that a challenger energy supplier can make it big via a combination of focusing on customer service, innovation, and pricing strategies.

The company set its sights on international expansion back in 2019 and since then has opened new offices in the United States as well continuing to expand in the UK with a new office opening in Brighton in 2020.

In January 2020 Bulb’s CEO and co-founder Hayden Wood declared that he wanted the company to have 100 million customers worldwide by 2030. With its rapid growth and increasing expansion internationally it looks like they could achieve that highly ambitious target.

Since the declaration, the company has expanded its leadership team as well appointed a new chief financial officer.

Also read: Bulb Aiming For 100M Customers & Octopus Acquires 70k Customers

Bulb launches new EV plan

Bulb has become the latest energy supplier to see the opportunity in the electric vehicle sector after it launched a new plan that offers 100% renewable electricity and cheaper charging at night as part of its key features.

The company joins several other energy suppliers offering EV solutions. EDF launched its cheapest EV tariff so far in December last year and Scottish Power launched its SmartGreen EV tariff and charging bundle provided by Shell.

Octopus Energy too has got in on the act by teaming up with NatWest Group to offer a dedicated EV charging bundle that will give customers to both organisations access to flexible EV tariffs and EV roaming network.

Currently the plan is being trialled by Bulb customers, but the offering is set to expand in recent weeks. EV drivers will be able to charge their cars at a cheaper rate between 2am and 6am with prices rising outside of these hours.

Using Bulb’s app drivers will be able to schedule the time the charging begins and ends as well as giving them a live status of their cars such as battery level, range and charging status.

The use of innovative technology is something that all challenger energy suppliers should consider if they wish to stand out in the highly competitive energy market.

Bulb’s app for example is currently compatible with 75% of electric cars, the highest currently available as the app connects with the car rather than the charger.

 “Bulb is making it simpler and easier for EV drivers to own an electric car and do their bit for the planet,” said Geraldine de Boisse, VP Innovation at Bulb.

Also read: Challenger Energy Suppliers should improve their mobile experiences says new report

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Whether you’re looking for electricity and gas systems or support on starting an energy supply company, Dyball Associates can help.

Further Reading

Electric Car ownership grew more than 50% in 2020, a growing opportunity for Energy Suppliers

Energy Suppliers still installing tens of thousands of SMETS 1 smart meters

18 Energy Suppliers told to refund a million energy consumers by Ofgem

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