Sympower, a frontrunner in power flexibility companies in Europe, has secured €21.3 million in an oversubscribed funding spherical led by A&G Power 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 help Sympower’s mission to boost grid stability and foster renewable power integration throughout Europe.
With a portfolio of over 2GW of versatile distributed assets, Sympower operates as a demand-side flexibility aggregator throughout the Nordics and Greece, offering options that assist stabilize grids and combine renewable power sources. Flexibility companies, acknowledged by the European Fee as important to attaining Europe’s power objectives, are projected to save lots of €12 billion in grid funding prices by 2050.
Strategic growth into battery power storage methods
Sympower will use a part of the brand new funding to include battery power storage methods (BESS) into its service providing, bolstering grid stability and supporting renewable power integration.
CEO Simon Bushell stated: “Sympower has grown tremendously in recent times, which aligns with the unprecedented demand throughout Europe for diversified and mature power flexibility options. I’m grateful for the continual help of our traders and delighted to see new ones placing their belief in us. Finishing an oversubscribed funding spherical exhibits our traders’ confidence in our imaginative and prescient, group, and execution capabilities.”
A portion of the funding will even help strategic mergers and acquisitions to bolster Sympower’s service choices in key markets. As well as, Sympower plans to increase its capabilities for industrial firms and renewable power producers by extending its power 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: “We’ve got been following Sympower’s evolution for just a few years and had been impressed by its distinctive worldwide footprint and place within the European power market. Sympower’s important progress, business traction, and European growth had been figuring out components which satisfied us to take a position.”
Lengthy-term investor Rubio Affect Ventures, represented by Companion Helmer Schukken, expressed continued help: “We’re thrilled to proceed supporting Sympower’s mission to drive the renewable power transition ahead alongside our associate, 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 business & industrial sector.”
Sympower now operates with over 200 workers throughout ten nations and is poised to leverage the funding to scale its enterprise and additional its function in Europe’s power transition.
