The round was led by Silicon Valley-based Activate Capital, a VC and growth equity firm that serves climate and sustainability pioneers in energy, mobility, and industrials.
Activate Capital, Expon Capital, and existing investors Rubio Impact Ventures, PDENH and Rockstart also participated in the round.
Managing Partner Anup Jacob of Activate Capital says, “Recent events in Europe highlight the importance of energy independence in an increasingly volatile market. Sympower’s software solution ties distributed energy resources into complex grid operations enabling an efficient transition of Europe’s energy infrastructure.”
Sympower says that the funds will help the company transform Europe’s electricity grid. The startup believes that having the adaptability to switch to distributed, renewable production is essential for addressing climate issues while maintaining energy independence. Sympower adds that flexibility with its software platform, which already provides almost 1GW of flexibility to energy grids across Europe.
The proceeds will also allow Sympower to serve more industrial and commercial customers across Europe, including demand-side loads, renewable energy production, electric vehicle charging, and battery storage facilities.
Sympower founder, Simon Bushell, says, “We will accelerate the expansion of our services across Europe. This will help enable the transition to a clean energy system, and assist in solving short-term problems during the current EU energy crisis.”
Powering flexibility in Europe
Sympower aims to accelerate the global transition towards net-zero by helping build smarter, cleaner renewable energy systems. The company balances the supply and demand of power across international energy grids using its in-house developed software platform.
Founded in 2015 by Simon Bushell, Sympower has over 90 team members working in nine countries, including the Netherlands, Sweden, Finland, Norway, and Israel. “We help businesses, grid operators, asset owners and other energy stakeholders to reduce their carbon emissions, integrate more distributed renewable energy resources, and generate new revenue streams by participating in demand-side response services,” says the company.
With over 750MW of flexible distributed energy sources under management across a portfolio of more than 200 industrial and commercial customers, Sympower claims to have been rapidly expanding its operations across Europe, contributing to more stable energy grids.
In 2022, Sympower achieved B Corp Certification, which shows that the company is meeting high standards of verified performance, accountability, and transparency on a wide range of factors – from employee benefits and charitable giving to supply chain practices and input materials.