Small supplier Bulb has announced it is receiving £60 million of funding from two international technology and renewable investors.

DST Global and Magnetar is investing in the company, which provides renewable electricity to consumers, to ramp up its expansion.

It was established by Hayden Wood and Amit Gudka and has signed up more than 300,000 households across the UK in three years.

Tom Stafford, Managing Partner at DSR Global 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.”

Mr Wood dismissed speculation about the company going up for sale and insisted it is “committed to out mission and will not be distracted”.

He said in a Tweet: “Happy to confirm there’s no possibility we’ll be selling Bulb. It’s not for sale. We’re only just starting on our mission to make the UK one of the greenest countries on the planet. Why would we stop now? We are only just getting going!”