The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 35 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 3 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Chang predicts Fuse Energy will eventually become bigger than Shell
“I think we could be bigger than Shell.”
Chang: Energy companies claiming 100% renewable tariffs are lying
“So any energy company that's claiming their harm sent renewables is a complete lie. Right. They're simply buying renewable certificates, right, to claim the harm sent renewables, and it's completely false.”
Chang: Society can have low-cost, abundant, and low-carbon energy simultaneously
“You can have low cost energy, you can have more energy, and you can have lower carbon energy at the same time.”
Chang: Superior work ethic and weekend work are required to defeat energy incumbents
“Yeah, I'd say, like, as I said before, like, this is very hard, like, this only way to do it, like, we're going against, you know, big, big, big energy companies with, like, huge balance sheets. You know, billions in revenue. The only way to win is, you know, …”
Chang: Fuse Energy grew revenue from £2M to £200M in three years
“We increase our revenue with Tenex every year since inception. First year was two million pounds, second year was 20, and then this year we're gonna end at over 200 pounds.”
Chang honored a $140M oral agreement over a higher term sheet
“It was roughly where we were at a 145. About one 40 actually. And we had an oral agreement with Bolton, we'll take the term sheet. And then, but we haven't signed the term sheet yet. And then later, there was another investor that came, they came and said, I w…”
Chang: Fuse hires B candidates but offers them below-market salaries
“Our threshold is we will hire anything above a beat. So if you get straight Bs, you'll still get an offer, but the offer will be much lower, and it could be below what you're making today.”
Chang: Fuse Energy is generating over $400M in annualized revenue
“So the company is doing over four hundred million revenue, annualized revenue,”
Chang: I stop giving feedback to non-improving employees until they leave
“If I, when I realize a person, if I keep giving negative feedback to a person and they haven't improved, then I just stop bothering. Then, you know, they can leave the company.”
Stebbings: Willing to pay triple valuation for top founders
“Actually, there are founders like Alan Chang at Fuse or Jack at Airwallis. You could treble the price and I'd still pay it today.”
Chang: Autonomous leaders require agreed targets and monitoring, not daily management
“I don't even think of them as direct reports, right? I think of them as, like, you know, going back to self-guiding missile analogy, right? You don't need to manage those people. Right? Like you discuss and you debate about the target, right? But once you both…”
Alan Chang: Fast execution requires small independent units and replacing underperforming teams
“Have small teams yeah, small teams operating in the independent units and give them very clear goals and let them execute. And, you know, what you should do is monitor those teams and if they do well, let them be. If they don't do well, replace the team.”
Chang: Fuse Energy targets 5x to 10x revenue growth next year
“Something around there. But we'll, we'll, we'll still shoot for 10. I think we can.”
Alan Chang: Fuse Energy will only list publicly if private liquidity dries up
“If we ever list, I think it would be the US, yeah. I personally don't see a need to. There's a lot of liquidity in the private markets And obviously there's additional overhead being a listed company. Like, so far, like the only, like, only, only reason I see …”
Chang: Never Settle on Critical Roles, but Settle on Less Impactful Ones
“I think you have to pick your battles for sure. Ultimately, like, you need to identify the most important roles in the company and never settle on those roles. But the roles that matter less, I think it's perfectly ok to settle.”
Fuse Energy eliminates compensation bands, setting offers by skill grade
“So as a company, we don't actually use any comp bands. We simply look at the grades and the higher the grade, the higher our bid.”
Chang: Leaders must share ugly truths to improve employees
“It's very important you have, you create a culture of truth seeking, right? And the truth is very ugly, you know, might hurt someone's feelings, you should still say it, because it'll make that person, you know, make that person better.”
Fuse Energy required to conduct multi-year bird surveys for UK plant
“One of the, so we're trying to build a power plant in the UK and, you know, one of the things council have a complete discretion over, you know, planning, especially around environmental impact. So we had to do, you know, wintering bird surveys, right, over se…”
Chang: Fuse Energy never hires external candidates into 'Head Of' roles
“Yeah, we've never given a head of position to anyone we've hired. We've only given to it based, based on performance.”
Stebbings: Deep integrations and physical coordination protect companies from AI disruption
“There's two areas where I find value and security. It's one where there's deep integrations and partnerships, which are difficult, and they'll never do. We're an investor in Airwallex. We've discussed before. They have hundreds of banking relationships and par…”
Chang gave Fuse Energy's past execution speed a four out of ten rating
“I told the team last year execution was maybe four out of 10.”
Chang: Fuse Energy could not have existed ten years ago
“I don't think Fuse could have been built 10 years ago. I think Fuse is only possible because the requirements have changed, right? Because the renewable penetration in the grid is so high, and the skills you need to, you know, the ability to manage renewables …”
Chang: Fuse gives top candidates aggressive offers so they never leave
“And for straight A candidates, we have made offers that are, you know, much higher than what they make today. And even if we know that, that's okay, because we want to make sure we're a no-brainer for you, such that you will never think about leaving.”
Chang sends Steve Jobs' janitor essay to leaders who miss goals
“Every single time when one of the leaders at Fuse explains to me why they failed and they couldn't hit their own goal, I sent them this article.”
Alan Chang: Speed of hiring quality engineers is Fuse's main bottleneck
“I think it's speed of hiring quality engineering. That, that's the biggest barrier. There's no capital. It's quality of engineering.”
Fuse built its energy MVP with a $750K Scottish wind turbine
“So we found a single wind turbine in north of Scotland that the seller is willing to sell for 750 K. We found a license for 75 K. We convinced the former CEO of Ofgem to become an advisor with just equity and no cash. And my co-founder Charles became a qualifi…”
Chang: Balderton repeatedly backs ex-Revolut teams due to past investment success
“Yeah, I think they really, really like the concept, and I think what they realize is, is a pretty good strategy, and I realize after the, you know, a lot of their investments, I think they, they've just, because they made so much money from the Revlon investme…”
Nikolay Storonsky invested in Fuse Energy's most recent funding round
“Yes. In the most recent round.”
Chang: Fuse aims to make energy cheap enough to re-ignite economic growth
“I think what would be, we'd love to build a world where You know, power is so cheap and abundant that any builder, you know, AI or otherwise, don't even think about power anymore, and they can just build more, and economies start growing again as a result. Tha…”
Chang confirms he parked a Ferrari outside his Balderton pitch
“Yeah, there's some truth to that, yeah.”
Alan Chang: Evaluate candidate body language when describing intense workloads
“Basically, when I explain to the candidate, you know, about what we're trying to build build a fuse, ambitions, how we want to be a number one energy company in the world, and the work, the hard work that requires to build it, you know, you want to, like, what…”
Fuse Energy provides secondary market share liquidity for employee shareholders
“Well, I would say, like, we do want to create liquidity opportunities for employee stockholders, and, you know, sometimes people need to buy a house, they need to buy a car, they need to, and yeah, I think, yeah, some liquidity is helpful.”