Sympower has raised 21.3 million euros from existing and new investors. The oversubscribed Series B1 funding was led by A&G Energy Transition Tech Fund (A&G ETTF) with direct investment from the European Investment Fund (EIF) and participation from existing investors Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital. Sympower plans to use this capital to roll out battery energy storage solutions, future mergers and acquisitions, continue its expansion in Europe, and scale its operations.
Flexibility services have been hailed by the European Commission as a crucial lever to achieving Europe’s energy transition by helping to build resilient grids. Innovative grid strategies, including flexibility solutions, are predicted to help save €12 billion annually in grid investments until 2050. Sympower’s demand-side flexibility and battery energy storage systems solutions will play a central part in stabilising national grids and enabling more renewable energy to power them.
Strategic Expansion into Battery Energy Storage Systems
Sympower is already the leading demand-side flexibility aggregator in the Nordics and Greece, with a portfolio of over 2GW of flexible distributed resources across Europe. The company will leverage the newly raised funds to integrate battery energy storage systems (BESS) into its service portfolio to manage grid stability.
“Sympower has grown tremendously in recent years, which aligns with the unprecedented demand across Europe for diversified and mature energy flexibility solutions,” explains Simon Bushell, Founder and CEO of Sympower. “I’m grateful for the continuous support of our investors and delighted to see new ones putting their trust in us. Completing an oversubscribed funding round shows our investors’ confidence in our vision, team, and execution capabilities. This new funding will be key in expanding our operations and enabling us to deliver a sophisticated and mature offering for battery energy storage systems.”
Part of this funding will go towards mergers and acquisitions in Sympower’s key markets to further strengthen its service offering and accelerate its strategy. Finally, Sympower plans to diversify its offering to industrial companies and renewable energy producers by extending its trading capabilities to new energy markets.
“I expect the following years to be the most exciting so far for us. Our team has grown to over 200 people based across ten countries, and we’ve solidified our leading presence in the Nordics and Greece. I see a bright future ahead of us, one that will enable us to realise our mission of enabling Europe’s energy transition”, concluded Bushell.
Welcoming New Investors and an Extended Supervisory Board
The Series B1 funding was led by A&G Energy Transition Tech Fund, which is focused on investing in scale-ups whose technology accelerates the energy transition. The fund is managed by A&G, an independent financial services group based in Spain.
“We have been following Sympower’s evolution for a few years and were impressed by its unique international footprint and position in the European energy market,” commented Jesús Lozano Lopez, Investment Director at A&G. “Sympower’s significant growth, commercial traction, and European expansion were determining factors which convinced us to invest. We’re confident that we can enable them to unlock the next phase of their scale-up growth and to consolidate their leading position in Europe.”
Following the funding round, Sympower extended its Supervisory Board, welcoming Jesús Lozano Lopez from A&G, and Tim Healy, the former Chairman and CEO of energy intelligence and demand response leader EnerNOC. The European Investment Fund (EIF) and existing impact investors Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital also joined the investment round and are excited to see what the future holds for the team and their technology.
Helmer Schukken, Partner at Rubio Impact Ventures, which first invested in 2019, commented, “We are thrilled to continue supporting Sympower’s mission to drive the renewable energy transition forward alongside our partner, the European Investment Fund. This joint investment represents our ongoing conviction in the company’s market leadership, enabling grid flexibility and greener power from the commercial & industrial sector.”