Helsinki-based Synergi, a company helping decarbonise the grid through smart software for consumers and utilities, announced on Tuesday that it has secured €2M in a seed funding round.
The funding round was led by Greencode Ventures, with participation from Vaens, a Finnish family office.
Existing investors Lifeline Ventures, APX (the first-cheque investor of Porsche & Axel Springer), and Wave Ventures also participated in the round.
Fund utliisation
With the funding, the company plans to hire talents in engineering, sales, and marketing. The Finnish company intends to recruit individuals with previous experience in the energy industry, as well as prior experience in scaling-stage companies.
Additionally, Synergi plans to use the capital to expand into flexibility markets in Nordic and central European countries.
Explaining the strategy behind expansion to Silicon Canals, Antti Hämmäinen, CEO & Co-founder, says “We are interested in the Nordics and some central European markets because they have dynamic contracts, suitable infrastructure with smart meters and optimisable energy assets, and open flexibility markets for residential loads.”
Synergi: Transition toward sustainable energy sources
Founded by Antti Hämmäinen, and Harri Iisakka, Synergi is accelerating the transition toward sustainable energy sources with smart software solutions.
Talking about the vision behind founding Synergi to Silicon Canals, Hämmäinen says, “The energy industry, which is very traditional and slow to change, is experiencing monumental changes. The energy crisis in 2022 opened up a new market and a massive need for flexibility, and it also moved the energy transition forward by leaps as we couldn’t rely only on fossil fuels anymore.”
“This gave us the idea to combine two different problems into one solution: the need for flexibility from the grid’s perspective with the need for optimising new energy assets in homes,” he continues.
Synergi smart electricity platform brings households, utilities, and grid operators together to help balance the grid through smart energy use and participation in flexibility markets.
“Our solution optimises and aggregates household energy assets like EVs, heat pumps, and solar, while also helping the grid stay balanced by providing flexibility during peak hours,” he adds.
With the Synergi app, consumers automatically find the best times to use electricity, helping cut energy costs and earn rewards for flexible energy use.
Need for energy flexibility in the market
The EU aims to decarbonise its energy system by increasing electrification and adopting renewables.
By 2030, electrification is expected to result in a 60 per cent rise in electricity demand, necessitating support for integrating into existing grids.
“We know that electrification will increase electricity demand, but existing grids must be equipped to handle all this additional demand. For example, the EU’s daily flexibility needs will increase by 133 per cent between 2021 and 2030 and 250 per cent between 2030 and 2050,” says Hämmäinen.
“The second fact is that when we move into a fully low-carbon energy system, most energy sources will be inflexible. The grid must always balance production and consumption, so in the future, we’ll have to balance volatile production with flexible consumption,” he continues.
As a result, the Finnish company launched its platform in 2023 to encourage households and utilities to use their home energy assets flexibly.
The “Synergi app” helps optimise energy use and has saved European users 50 per cent on EV charging and 20 per cent on heating costs annually.
Unlike other energy flexibility startups, Synergi provides a platform that connects utility companies and households to the flexibility market, allowing consumers to benefit regardless of their electricity provider.
“That means our advantage is that any consumer regardless of electricity provider can use our platform and reap the rewards of flexibility markets,” he adds.
Challenges
According to Hämmäinen, the company faced the challenge of balancing a significant amount of user feedback while staying true to its product vision.
“While feedback is crucial, we had to be selective and ensure it aligned with our long-term goals for the Synergi app. By focusing on the input that enhanced the user experience without compromising our core vision, we were able to refine the product while keeping it on track toward our larger objectives,” says Hämmäinen.
Moving forward, Synergi plans to integrate more energy technologies, including batteries and
water heating, into its platform to further support the transition to sustainable energy sources.
The investor
Greencode Ventures is a pan-European VC firm specialising in green transition.
The VC firm focuses on Seed to Series A investments, supporting solutions that reduce emissions, save resources, and increase efficiency by using advanced technologies such as AI.
“Energy flexibility is an untapped opportunity. Synergi´s business model has the potential to bring European consumers, utilities, and grid operators together to benefit all by balancing the grid and creating resilience for the whole system,” says Ines Bergmann-Nolting, Managing Partner at Greencode Ventures.
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