Amsterdam-based Sympower, a company enabling the transition to a fully renewable energy system, has secured €19M in funding from pension investor PGGM, investing on behalf of PFZW, the Dutch health care pension scheme.
PGGM manages over €250B in pension assets and has a nearly €7B portfolio in energy infrastructure.
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“Sympower has a highly skilled team that has built a leading flexibility platform. Our investment will contribute to the next phase of the company’s growth and into new markets. This investment in Sympower fits very well with the Climate and Energy Transition Solutions (CETS) mandate given to us by Pensioenfonds Zorg en Welzijn (PFZW),” says Tim van den Brule, investment director at PGGM Infrastructure. “We expect Sympower to contribute to good returns for the benefit of PFZW participants and enable further incorporation of renewable resources in the electricity mix.”
Fund utilisation
The Dutch company will use the funds to further roll out its battery storage (BESS) optimisation solutions and pursue additional mergers and acquisitions.
The funding comes over ten months after acquiring Flextools, a Nordic flexibility technology provider, from Norwegian energy group Å Energi.
The capital will also allow Sympower to enhance its experience with grid-scale battery projects in Sweden and Finland, while expanding its capabilities to play a pivotal role in Europe’s evolving flexibility ecosystem.
This investment is an extension of the company’s Series B1 funding, bringing the total round to €42M.
PGGM joins Supervisory Board
As a part of the funding round, PGGM will join Sympower’s Supervisory Board to help steer the company’s long-term strategic growth and strengthen its governance.
“This strategic investment allows us to unlock the next phase of our BESS vision and unlock new acquisition opportunities to strengthen our offering”, explains Simon Bushell, CEO and founder of Sympower. “Having PGGM on board is a powerful vote of confidence from one of Europe’s most respected institutional investors. Their long-term, impact-driven investment approach is deeply aligned with our mission to build a more sustainable and resilient energy system.”
Sympower is also supported by other impact investors, including A&G Energy Transition Tech Fund, Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital.
Sympower currently manages over 0.5GW of battery energy storage assets in the Nordics, and has recently announced the rollout of its BESS optimisation services in Greece.
The company is now targeting other promising European battery markets, drawing on a decade of flexibility expertise and local presence to fast-track BESS project delivery.
Sympower: Balancing the supply and demand of electricity
Founded in 2015, Sympower is a provider of flexibility services in Europe and is helping balance electricity grids to support a sustainable energy system.
Through its software platform, the company manages the supply and demand of electricity across European energy networks.
The Amsterdam company helps commercial and industrial businesses, grid operators, and energy stakeholders participate in energy flexibility services, enabling them to generate new revenue streams, reduce energy costs, and integrate more renewable energy resources onto the grid.
The company operates in a variety of energy-intensive industries such as paper and pulp, greenhouses, data centres, and wood mills, optimising the flexibility of electrical assets and processes.
