Sympower, a smart energy startup, has raised one million euros from angel investors and investment fund Enfuro Ventures. The capital will fund the international scale-up of it’s electricity grid balancing software platform following the successful implementation on electricity markets in Europe.
Sympower is actively offering frequency reserve through demand response to Transmission System Operators in Europe. Sympower manages industrial, commercial and residential systems to offer frequency reserve, generating approx. 10% additional annual revenue for the owners of the controllable assets. Sympower, founded in 2015, has developed a cloud-based aggregation platform that provides cost-effective reserve services to the electricity grid. The Sympower software platform responds to disturbances and fluctuations in supply and demand on the electricity grid within seconds, by regulating electricity consumption of industrial systems and machinery across multiple sectors.
Cost-effective and clean
Transmission System Operators are obligated to maintain a constant supply of electricity. Matching electricity demand with exact supply is critical, as discrepancies can lead to power outages and damages to the network. The balancing of supply and demand is becoming increasingly challenging, in part due to the increasing amount of alternative energy sources such as solar and wind. While solar and wind power are cleaner and more sustainable, the output they generate is irregular and unpredictable. By deploying the Sympower aggregation platform over the generation of additional electricity, overproduction is avoided and net CO2 emissions are significantly reduced, contributing to a more efficient and future proof energy system.
Backed by Experts
The private contributors are experienced entrepreneurs in the energy, software and cleantech industries. Four investors, including lead investor Enfuro Ventures, are based in the Netherlands and first came in contact with Sympower through the Rockstart Smart Energy Accelerator Programme. Founders of Estonian cleantech company Skeleton Technologies, met Sympower at a Climate-KIC event that Sympower participated in shortly after Sympower was founded in Estonia.
Sympower’s founder and CEO Simon Bushell, and Erik Schut of Enfuro Ventures announced the investment at the 2017 Rockstart Smart Energy Demo Day held in Amsterdam in front of startup founders, mentors and investors one year after Sympower’s own graduation from the Rockstart Programme. In one year’s time, the Sympower team expanded from five to over 20 people and grew across four countries.
Next to expanding the portfolio in Europe, Sympower will be entering markets in North America over the next 6-12 months.