Amsterdam-based Sympower, a company enabling the transition to a fully renewable energy system, announced that it has secured €21.3M in an oversubscribed Series B1 funding round from new and existing investors.
The round was led by A&G Energy Transition Tech Fund (A&G ETTF), with direct investment from the European Investment Fund (EIF), and participation from existing investors, including Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital.
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.
Sympower 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.
In 2022, Sympower became a certified B Corp, meeting high standards of performance, accountability, and transparency across governance, workers, community, environment, and customers.
Funds to expand Battery Energy Storage Systems (BESS)
The European Commission has highlighted flexibility services as a key factor in achieving Europe’s energy transition, emphasising their role in building resilient grids. These innovative grid solutions are expected to save €12B annually in grid investments by 2050.
Sympower, with its demand-side flexibility and battery energy storage system (BESS) solutions, believes that it will play a key role in stabilising national grids and enabling the integration of more renewable energy.
Currently, Sympower claims to be the leading demand-side flexibility aggregator in the Nordics and Greece, managing over 2GW of flexible distributed resources across Europe. The company will use the latest capital to incorporate BESS into its service offerings.
Sympower also plans to use the funds to pursue mergers and acquisitions to strengthen its market presence and broaden its operations across Europe.
Additionally, the Amsterdam-based startup will enhance its offerings to industrial companies and renewable energy producers by extending its trading capabilities to new energy markets.
Simon Bushell, founder and CEO of Sympower, says, “Sympower has grown tremendously in recent years, which aligns with the unprecedented demand across Europe for diversified and mature energy flexibility solutions.”
“I’m grateful for the continuous support of our investors and delighted to see new ones putting their trust in us. Completing an oversubscribed funding round shows our investors’ confidence in our vision, team, and execution capabilities. This new funding will be key in expanding our operations and enabling us to deliver a sophisticated and mature offering for battery energy storage systems.
Bushell further adds, “I expect the following years to be the most exciting so far for us. Our team has grown to over 200 people based across 10 countries, and we’ve solidified our leading presence in the Nordics and Greece. I see a bright future ahead of us, one that will enable us to realise our mission of enabling Europe’s energy transition.”
Extended supervisory board
Following its funding round, Sympower expanded its Supervisory Board with Jesús Lozano Lopez from A&G and Tim Healy, former Chairman and CEO of EnerNOC.
Jesús Lozano Lopez, Investment Director at A&G, says, “We have been following Sympower’s evolution for a few years and were impressed by its unique international footprint and position in the European energy market.”
“Sympower’s significant growth, commercial traction, and European expansion were determining factors which convinced us to invest. We’re confident that we can enable them to unlock the next phase of their scale-up growth and to consolidate their leading position in Europe.”
Helmer Schukken, Partner at Rubio Impact Ventures, which first invested in 2019, adds, “We are thrilled to continue supporting Sympower’s mission to drive the renewable energy transition forward alongside our partner, the European Investment Fund.”
“This joint investment represents our ongoing conviction in the company’s market leadership, enabling grid flexibility and greener power from the commercial & industrial sector.”
Brief about A&G Transition Tech Fund
Founded in 1987, A&G Energy Transition Tech Fund (A&G ETTF) focuses on investing in hardware and software companies that drive the energy transition and decarbonisation of key sectors.
The fund supports European companies with advanced technologies, providing growth capital to help them scale, internationalise, and strengthen their market position.
A&G is an independent financial services group based in Spain and Luxembourg. The firm manages over €14B in assets, with a focus on alternative investments, including energy transition strategies, private equity buyouts, and real estate.
01
Not solo: How Xolo aims to help Dutch solopreneurs with its comprehensive business management platform