Amsterdam, 09:00 CEST – 26 September 2022 – Sympower, a leading European flexibility services provider, has strengthened its scale-up plans after securing a €2.3 million grant from the highly competitive European Innovation Council (EIC) Accelerator program to help fund the expansion of its proprietary flexibility platform.
Owned by the European Commission, the EIC Accelerator supports individual Small and Medium Enterprises (SMEs), in particular startups and spin out companies, to develop and scale up game-changing innovations.
As uncertainty around the security of Europe’s energy markets continues, Sympower is encouraged by the EU Commission’s willingness to support the development of wider flexibility services within Europe.
The grant will fund Sympower’s ‘Flex4Scale’ project, which seeks to strengthen and grow Sympower’s existing platform, as it advances adaptability capabilities for an increasing number of markets throughout Europe.
While providing almost 1GW of flexibility to energy grids across the continent, the Flex4Scale project will also harness the flexibility of smaller assets, of less than 1MW, across a growing number of industry sectors, such as the electric transportation industry. This will open Sympower’s services to a wider customer base and provide further flexibility opportunities.
Commenting on the new grant, Founder and CEO Simon Bushell, Sympower, said:
“Establishing Europe’s energy independence and transition towards renewables requires greater flexibility services. With the increasing uncertainty of Europe’s energy market, we are delighted and reassured to have the support from the European Innovation Council. The direct support from the EU Commission is a sign that flexibility services remain critical to the future of Europe’s energy.”
Flex4 Scale will also provide Sympower’s customers with greater insights into the flexibility capabilities of their resources, offering greater value to existing customers. It will also enhance the data analytics and optimisation of the platform, offering more intelligent dashboards and wider integration strategies to create a smarter and more robust system.
The additional funding from the EIC comes after Sympower raised an oversubscribed €22 million in July this year, following further VC investment to help finance growth in its low carbon grid balancing services.
Sympower is dedicated to creating a fully renewable energy system. We are the energy experts with years of experience in demand response and flexibility optimisation. Our goal is to turn the potential of your energy assets into extra revenue for you. We provide the technical expertise, all while you stay in control.