Sympower has strengthened its position as a leading European independent flexibility services provider, having raised an oversubscribed €22 million investment round from a group of five venture capital (VC) funds to finance growth in low carbon grid-balancing services.
The raise is led by Silicon Valley-based Activate Capital, a leading VC and growth equity firm serving climate and sustainability pioneers in energy, mobility, and industrials. Together with Activate Capital, the consortium of VC firms include Expon Capital as well as previous investors Rubio Impact Ventures, PDENH and Rockstart.
This new raise will assist Amsterdam-based Sympower in transforming Europe’s electricity grid at a critical time in the continent’s history. In order to mitigate the climate crisis whilst ensuring energy independence, flexibility to adapt to renewable, distributed production is key. Sympower adds that flexibility with its proprietary software platform that already provides almost 1GW of flexibility to energy grids across Europe. The funds will 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.
Commenting on today’s funding announcement Founder and CEO Simon Bushell, Sympower, said: “Given the current uncertainty in both the financial and energy markets, we are delighted to have secured further VC investment and we welcome aboard the experienced teams of Activate and Expon. The ongoing trust and support of our current investors is also invaluable as we 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.”
Managing Partner Anup Jacob, Activate Capital, said: “Recent events in Europe highlight the importance of energy independence in an increasingly volatile market. Sympower’s elegant software solution ties distributed energy resources into complex grid operations enabling a reliable and efficient transition of Europe’s energy infrastructure. We are excited to back Simon and the team as they continue to build a pan-European offering.”
Founded in 2015, Sympower has almost 100 employees working in nine countries, including the Netherlands, Sweden, Finland, Norway and Israel. With over 750MW of flexible distributed energy sources under management across a portfolio of more than 200 industrial and commercial customers, Sympower is rapidly expanding its operations across Europe, contributing to more stable energy grids.
Sympower, who this year became B Corp certified, is accelerating the global transition towards net- zero by helping to build smarter, cleaner renewable energy systems. Using its proprietary software platform, Sympower helps balance the supply and demand of electricity across international energy grids.