Sympower alleviates pressure for businesses amid energy crisis, as the European Union implements Gas Demand Reduction Plan
Sympower set to further expand services to multiple countries across Europe, including Italy, Greece, Poland, Hungary, and the Czech Republic
Lead investor Activate Capital, together with Rubio Impact Ventures and PDENH, invest an additional €3 million to support Sympower’s European expansion
Amsterdam, 09:00 CEST – 21 November 2022 – After raising a €22 million investment round from five venture capital (VC) funds in mid-July, Sympower has raised an additional €3 million from investors, as trust grows in its mission to bring low carbon grid-balancing services to Europe.
The €3 million extension that the Amsterdam-based company received comes from the lead investor in the July round, Activate Capital, a growth equity firm supporting climate and sustainability pioneers, alongside Rubio Impact Ventures and PDENH. The initial funding saw the VC firms invest €22 million alongside Expon Capital and Rockstart. Together, the five investors have collectively contributed €25 million to accelerate Sympower’s growth in 2022.
After the initial raise, Sympower successfully 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 themselves in this growing market, along with other key countries across Europe including Italy, Poland, Hungary and the Czech Republic.
The need for Sympower’s services is compounded by the continent’s ongoing energy crisis. This critical juncture has seen the European Union implement a mandatory 5% reduction on electricity consumption through the EU Gas Demand Reduction Plan, highlighting the necessity of demand-side flexibility moving forward.
Commenting on this, 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.”
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.”
Sympower is already helping hundreds of industrial and commercial customers to reduce their energy costs using the flexibility of their assets. A combination of its proprietary software platform and international team of experts, allows Sympower to offer this flexibility to energy grids across Europe to create a more robust electricity system.