Amsterdam’s demand-response energy transition specialist Sympower has raised €5.2 million in a series B round.
The funding comes from Kees Koolen, an early investor and former CEO and Chairman of Booking.com and early investor and international expansion advisor of Uber, existing investors Rubio Impact Ventures, PDENH, Enfuro Ventures and Casper Peeters followed on.
The funding will be used to help accelerate the European energy transition, with Sympower entering new markets that are working towards clean energy technologies and open to flexibility solutions.
These flexibility solutions are crucial for the energy transition as they provide for a stable electricity system by balancing the supply/demand equation, particularly in the face of the instability of solar and wind sources and demand from electric heating and e-mobility. Sympower’s software solution manages a number of processes ranging from steel smelting to electric vehicles and puts them to use supporting the electricity system.
Sympower is currently active in Finland, Sweden, and the Netherlands.
“Last year saw a real boom in renewables and a stronger regulatory push from the European Union, meaning now is the perfect time to increase our capabilities and European reach,” comments Sympower CEO Simon Bushell. “Flexibility is vital for the energy transition and will play a crucial role in a fully renewable energy system that forms the basis of a sustainable world.”