Amsterdam-based Sympower, a company enabling the transition to a fully renewable energy system, announced on Tuesday that it has acquired Flextools, a Nordic flexibility technology provider, from Norwegian energy group Å Energi.
“We are proud of what we have achieved together with Flextools, building the company from 2017 to the Nordic flexibility technology provider it is today. We are positive that Sympower will provide the right environment for Flextools to develop even further”, says Atle Knudsen, Executive Vice President of Customer and Energy Solutions at Å Energi.
The announcement comes a month after raising €21.3M in an oversubscribed Series B1 funding round from new and existing investors.
The acquisition
Sympower is acquiring Flextools to combine their expertise and technologies.
This partnership will improve their services in the Nordics, Greece, and the Netherlands.
As a result, Sympower will add 250 MW to its portfolio and bring on 19 new employees.
Sympower’s and Flextools’ teams will start working together from day one to develop synergies and ways of increasing customer value.
This partnership will expand the range of secure and scalable flexibility solutions, covering consumption, storage, and renewable production assets.
Customers will gain quicker access to demand response and balancing markets, with the option to have Sympower manage daily operations or do it themselves.
Flextools: Flexibility technology provider
Led by Victoria Fearnley Landmark, Flextools’ Software-as-a-Service (SaaS) platform provides access to demand response and balancing services to energy companies and asset owners, enabling them to participate independently.
The company’s platform can also be applied to demand-side assets, BESS, and renewables.
“I know Flextools is in good hands with Sympower,” affirms Victoria Fearnley Landmark, Flextools’ CEO.
“In addition to our joint offer, we saw great synergies from the beginning in terms of values and mission, and I’m looking forward to our teams working together to deliver the best flexibility solutions on the market. We will have more capacity and investment for greater innovation and market opportunities. I’m also looking forward to expanding our footprint outside the Nordics, given what Sympower has already achieved in the Netherlands and Greece.”
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.
“We believe that the challenges inherent to the energy transition can be tackled more effectively by strong pan-European players,” explains Simon Bushell, CEO and founder of Sympower.
“Europe’s energy transition needs flexibility solutions that optimise portfolios of consumption, production, and storage assets across all value streams. Flextools’ and Sympower’s offerings complement each other, and we are impressed by their track record in Norway and Sweden and the significant steps they have made on BESS and renewable energy services. We are better equipped than ever to deliver exceptional value to our customers and partners while supporting Europe’s energy transition”.
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