Amsterdam-based Sympower has just secured an additional €3 million, taking its total funding amount to €25 million. The climate tech startup helps balance the supply and demand of electricity across networks and is now set to expand across Europe.
As the global energy crisis continues to be felt and Europe’s temperatures drop, the urgency of this situation is being felt in homes right across the continent. Transitioning to a green and renewable energy system is the smartest choice for Europe – better for the planet, better for energy sovereignty and better for homes.
Making the green transition and moving to greener energy requires a massive change in energy grids and new approaches to fueling homes, businesses and populations. Helping accelerate the transition is Dutch startup, Sympower. Now, the company has just topped up its Series B funding and ramps up its plans to bring Europe to net-zero.
The details:
- An additional €3 million was raised in Series B, adding to a €22 million raise this summer
- Led by Activate Capital alongside Rubio Impact Ventures and PDENH
- The initial round in the summer also included participation from Expon Capital and Rockstart
Sympower’s Founder and CEO, Simon Bushell, said: “As we offer our flexibility services to more of Europe, we are grateful for the continued support from our investors. This trust has allowed us to further our ambitions as we implement our growth strategy, and help overcome the current energy crisis and secure a climate positive future for Europe.”
Low carbon grid-balancing services
Founded in 2015, Sympower aims to help build smarter, cleaner renewable energy systems. Its proprietary platform balance the supply and demand of electricity across energy networks, contributing to a more stable renewable energy system.
The Dutch innovators work with businesses, grid operators, asset owners and other energy stakeholders around the world to reduce their carbon emissions, integrate more distributed renewable energy resources, and generate new revenue streams by participating in demand-side response services.
With almost 1GW of flexible distributed energy assets under management across a portfolio of nearly 200 industrial and commercial customers, the startup is rapidly expanding across Europe. And interest in Sympwoer’s tech is only growing, as the European Union has just implemented a mandatory 5% reduction in electricity consumption through the EU Gas Demand Reduction Plan, highlighting the necessity of demand-side flexibility moving forward.
Managing Partner, Helmer Schukken, Rubio Impact Ventures, said: “At Rubio Impact Ventures, we see a tremendous potential in Sympower as they grow. As an impact venture capital fund, when our business opportunities grow, so does our impact. That’s how we know we’re doing the right thing by investing in Sympower. By providing them with more funding, we’re able to contribute more to the energy transition and a sustainable future.”
After the initial Series B raise this summer, Sympower partnered with Israeli Independent System Operator (ISO), Noga, to help system operators stabilise the country’s electricity grid during times of peak energy demand. Now with Greek balancing markets open, Sympower will use this additional funding to establish itself in this growing market, along with other key countries across Europe including Italy, Poland, Hungary and the Czech Republic.
via https://www.AiUpNow.com
November 21, 2022 at 05:31AM by contact@bcurdy.com (Patricia Allen), Khareem Sudlow
