A cleantech startup headquartered in Amsterdam, Sympower, has scooped €22 million in funding.
The oversubscribed funding round was led by Silicon Valley-based Activate Capital, a leading VC and growth equity firm, with Activate Capital, the consortium of VC firms, including Expon Capital and previous investors Rubio Impact Ventures, PDENH, and Rockstart.
Transforms Europe’s electricity grid
This new raise will assist 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. It aims to expand operations in 25 countries by 2025 to contribute to more stable energy grids.
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.”
B Corp certified startup
Founded in 2015 by Simon Bushell in Amsterdam, Sympower became B Corp certified this year. It accelerates 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. Its software platform already provides almost 1GW of flexibility to energy grids across Europe.
Its services enable significant CO2 emissions savings. Although its emissions as a company are significantly smaller than the emissions, it helps save carbon emissions and understands that every action matters to overcome the climate crisis. The company calculates its CO2 emissions to identify the sources, decrease them over time, and remove what remaining emissions exist.
It has over 750MW of flexible distributed energy sources under management. The mission of the startup is to enable a fully renewable energy system by optimising customers’ energy strategies using the flexibility of their assets and processes.
With almost 100 employees working in nine countries, including the Netherlands, Sweden, Finland, Norway and Israel, Sympower has a portfolio of more than 200 industrial and commercial customers.