Amsterdam-based Sympower, a company that aims to bring low-carbon grid-balancing services to Europe, announced on Monday that it has raised an additional €3M in funding. The investment follows the startup’s recent funding of €22M from five venture capital funds in mid-July.
After contributing €22M in the initial round, the additional funding was also made by the same investors in the July round. The current round was led by Activate Capital, a growth equity firm supporting climate and sustainability pioneers, alongside Rubio Impact Ventures and PDENH. Expon Capital and Rockstart also participated in the round.
The five investors have collectively contributed €25M to accelerate Sympower’s growth in 2022.
Recent growth and capital utilisation
Following the initial fundraise, Sympower and Israeli Independent System Operator (ISO), Noga, collaborated to support system operators in stabilising the nation’s electrical grid during periods of peak energy demand.
With the opening of the Greek balancing markets, Sympower says it will use this additional fund to expand in this market as well as other important nations around Europe, such as Italy, Poland, Hungary, and the Czech Republic.
The continent’s ongoing energy crisis has increased the necessity for Sympower’s services. The EU Gas Demand Decrease Plan, which the European Union implemented at this crucial juncture, mandated a 5 per cent reduction in power use, highlighting the need for demand-side flexibility going ahead.
Sympower’s founder and CEO, Simon Bushell, says, “As we offer our flexible services to more of Europe, we are grateful for the continued support from our investors. This trust has allowed us to further our ambitions as we implement our growth strategy and help overcome the current energy crisis and secure a climate-positive future for Europe.”
A software to balance the supply and demand of electricity
Founded in 2015 by Simon Bushell, 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.
Sympower says, “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.” Currently, the company has over 100 team members working in 12 countries, including the Netherlands, Sweden, Finland, Norway, and Israel.
With almost 1GW 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. Its customers operate in a wide range of energy-intensive industries, including paper and pulp, greenhouses, data centres and wood mills.
In 2022, Sympower became a certified B Corp, which shows that the company is meeting high standards of verified performance, accountability, and transparency across 5 impact areas – governance, workers, community, environment, and customers.
Brief about the investors
Activate Capital is a San Francisco-based leading partner to companies building smart, sustainable systems across the energy, mobility, and industrial technology markets.
Luxembourg-based Expon Capital is a venture capital firm that backs teams that shape our shared future in a positive direction. The firm invests in growing tech companies run by “awe-inspiring” managers that fit within the UN Sustainable Development Goals.
Amsterdam-based Rockstart is a domain-focused accelerator venture capital firm that offers follow-on growth capital to help startups become successful across four domains: energy, health, agrifood, and emerging technologies. Besides funding, the firm also provides access to the market and expertise by connecting founders with co-investors, mentors, partners, corporates, and the wider Rockstart network. The firm has backed more than 280 startups, and its alumni value, to date, is more than $1B.
Rubio Impact Ventures is an impact venture fund based in the Netherlands with €150M assets under management. The firm invests in “world-changing” entrepreneurs who unite powerful positive impact with a scalable commercial business.
PDENH is an €85M investment fund initiated by the Province of Noord-Holland and focuses to back sustainable ventures working in sectors such as energy, circular economy, and sustainable mobility. The firm claims to have built a successful portfolio of 35 impact ventures that generate substantial societal, economic, and financial returns.
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