Sympower raises €22m for low carbon grid-balancing services
Sympower has raised an oversubscribed €22mn investment round to finance growth in low carbon grid-balancing services.
The raise is led by Silicon Valley-based Activate Capital, a leading venture capital and growth equity firm serving climate and sustainability pioneers in energy, mobility, and industrials. Together with Activate Capital, the consortium of VC firms includes 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.
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.
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.
Founder and CEO Simon Bushell, Sympower, said: "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," he said.
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, which became B-Corp certified this year, 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.
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