Sympower, an Amsterdam-based company, recently raised an additional €3M in Series B, bringing its total capital to €25M after raising €22M this summer. Along with PDENH and Rubio Impact Ventures, Activate Capital served as the round’s lead investor.
Expon Capital and Rockstart also took part in the initial round in the summer.
The climate technology startup, which helps networks manage the supply and demand of electricity, is now planning to grow throughout Europe.
The urgency of this issue is being felt in homes all around Europe due to the ongoing global energy crisis and the cooling weather. The best option for Europe is to switch to a green, renewable energy system because it is better for the environment, increases energy independence, and improves residential properties.
Energy grids must be drastically altered to make the green transition and move toward greener energy, as well as new strategies for supplying homes, businesses, and communities with fuel. Sympower, a Dutch startup, is assisting in quickening the changeover. The company is now ramping up its intentions to transition Europe to net zero after recently topping off its Series B funding.
Simon Bushell, the founder, and CEO of Sympower said: “As we expand the geographic scope of Europe where we provide our flexibility services, we are appreciative of the ongoing support from our investors. This confidence has enabled us to progress toward our goals as we carry out our growth strategy, assist in resolving the present energy crisis, and ensure a future for Europe that is climate-friendly.
Sympower, which was established in 2015, intends to support the development of cleaner, more intelligent renewable energy systems. Its unique technology balances electricity supply and demand across energy networks, helping to create a more reliable renewable energy system.
By taking part in demand-side response services, the Dutch innovators collaborate with companies, grid operators, asset owners, and other energy stakeholders all over the world to lower carbon emissions, integrate more distributed renewable energy resources, and create new revenue streams.
The firm is rapidly growing across Europe and currently manages roughly 1GW of flexible distributed energy assets for a portfolio of nearly 200 industrial and commercial clients. The European Union recently adopted a required 5% decrease in power use under the EU Gas Demand Reduction Plan, underscoring the need for demand-side flexibility going forward. As a result, interest in Sympwoer’s technology is only increasing.
“At Rubio Impact Ventures, we see a big potential in Sympower as they grow,” said Helmer Schukken, managing partner. As an impact venture capital fund, our impact increases as company prospects do. We can thus be confident that our investment in Sympower is a wise one. We can contribute more to the energy transition and a sustainable future by giving them greater funds.
Sympower and Israeli Independent System Operator (ISO), Noga, teamed up last summer following the initial Series B financing to assist system operators in stabilizing the nation’s electricity grid during peak energy demand. With the opening of the Greek balancing markets, Sympower will use this extra cash to expand its presence in this market and others throughout Europe, including Italy, Poland, Hungary, and the Czech Republic.
Image Credit: Sympower
