Sympower, a frontrunner in vitality flexibility companies in Europe, has secured €21.3 million in an oversubscribed funding spherical led by A&G Vitality Transition Tech Fund (A&G ETTF), with direct funding from the European Funding Fund (EIF) and participation from current traders Activate Capital, Rubio Affect Ventures, PDENH, and Expon Capital. This funding will assist Sympower’s mission to reinforce grid stability and foster renewable vitality integration throughout Europe.
With a portfolio of over 2GW of versatile distributed sources, Sympower operates as a demand-side flexibility aggregator throughout the Nordics and Greece, offering options that assist stabilize grids and combine renewable vitality sources. Flexibility companies, acknowledged by the European Fee as important to attaining Europe’s vitality objectives, are projected to avoid wasting €12 billion in grid funding prices by 2050.
Strategic enlargement into battery vitality storage methods
Sympower will use a part of the brand new funding to include battery vitality storage methods (BESS) into its service providing, bolstering grid stability and supporting renewable vitality integration.
CEO Simon Bushell stated: “Sympower has grown tremendously lately, which aligns with the unprecedented demand throughout Europe for diversified and mature vitality flexibility options. I’m grateful for the continual assist of our traders and delighted to see new ones placing their belief in us. Finishing an oversubscribed funding spherical reveals our traders’ confidence in our imaginative and prescient, group, and execution capabilities.”
A portion of the funding may also assist strategic mergers and acquisitions to strengthen Sympower’s service choices in key markets. As well as, Sympower plans to broaden its capabilities for industrial firms and renewable vitality producers by extending its vitality buying and selling companies.
New traders and supervisory board members
The funding spherical welcomed new traders and an expanded Supervisory Board, with Jesús Lozano Lopez from A&G becoming a member of the board together with Tim Healy, former Chairman and CEO of EnerNOC.
A&G’s Funding Director, Jesús Lozano Lopez, commented: “Now we have been following Sympower’s evolution for a couple of years and have been impressed by its distinctive worldwide footprint and place within the European vitality market. Sympower’s vital progress, industrial traction, and European enlargement have been figuring out components which satisfied us to take a position.”
Lengthy-term investor Rubio Affect Ventures, represented by Accomplice Helmer Schukken, expressed continued assist: “We’re thrilled to proceed supporting Sympower’s mission to drive the renewable vitality transition ahead alongside our companion, the European Funding Fund. This joint funding represents our ongoing conviction within the firm’s market management, enabling grid flexibility and greener energy from the industrial & industrial sector.”
Sympower now operates with over 200 staff throughout ten international locations and is poised to leverage the funding to scale its enterprise and additional its position in Europe’s vitality transition.
