Amsterdam-based Sympower, a company that partners with industry players to shape a net-zero future, announced that it has raised €22M in a fresh round of funding.
The round was led by Silicon Valley-based Activate Capital, a VC and growth equity firm that serves climate and sustainability pioneers in energy, mobility, and industrials.
Sympower says that the funds will help the company transform Europe’s electricity grid.
The startup believes that having the adaptability to switch to distributed, renewable production is essential for addressing climate issues while maintaining energy independence.
Sympower adds that flexibility with its software platform, which already provides almost 1GW of flexibility to energy grids across Europe.
The proceeds will also allow Sympower to serve more industrial and commercial customers across Europe, including demand-side loads, renewable energy production, electric vehicle charging, and battery storage facilities.
Founded in 2015 by Simon Bushell, Sympower has over 90 team members working in nine countries, including the Netherlands, Sweden, Finland, Norway, and Israel. “We help businesses, grid operators, asset owners, and other energy stakeholders to reduce their carbon emissions, integrate more distributed renewable energy resources, and generate new revenue streams by participating in demand-side response services,” says the company.
With over 750MW of flexible distributed energy sources under management across a portfolio of more than 200 industrial and commercial customers.
Sympower claims to have been rapidly expanding its operations across Europe, contributing to more stable energy grids.
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