Sympower, a leader in energy flexibility services in Europe, has secured €21.3 million in an oversubscribed funding round 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 Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital. This investment will support Sympower’s mission to enhance grid stability and foster renewable energy integration across Europe.
With a portfolio of over 2GW of flexible distributed resources, Sympower operates as a demand-side flexibility aggregator across the Nordics and Greece, providing solutions that help stabilize grids and integrate renewable energy sources. Flexibility services, recognized by the European Commission as essential to achieving Europe’s energy goals, are projected to save €12 billion in grid investment costs by 2050.
Strategic expansion into battery energy storage systems
Sympower will use part of the new funding to incorporate battery energy storage systems (BESS) into its service offering, bolstering grid stability and supporting renewable energy integration.
CEO Simon Bushell said: “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.”
A portion of the funding will also support strategic mergers and acquisitions to reinforce Sympower’s service offerings in key markets. In addition, Sympower plans to expand its capabilities for industrial companies and renewable energy producers by extending its energy trading services.
New investors and supervisory board members
The funding round welcomed new investors and an expanded Supervisory Board, with Jesús Lozano Lopez from A&G joining the board along with Tim Healy, former Chairman and CEO of EnerNOC.
A&G’s Investment Director, Jesús Lozano Lopez, commented: “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.”
Long-term investor Rubio Impact Ventures, represented by Partner Helmer Schukken, expressed continued support: “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.”
Sympower now operates with over 200 employees across ten countries and is poised to leverage the funding to scale its business and further its role in Europe’s energy transition.
Read the orginal article: https://www.eu-startups.com/2024/11/amsterdam-based-sympower-raises-e21-3-million-to-foster-renewable-energy-integration/
