As VCs roll out more money to speed up the net zero transition in Europe, Amsterdam-based cleantech startup Sympower has raised €22 million in funding to finance growth in low carbon grid-balancing services.
Leading the oversubscribed round is Silicon Valley-based Activate Capital. Other participants backing the round include Expon Capital and previous investors Rubio Impact Ventures, PDENH and Rockstart. The company had brought in €5.2 million in a series B round last year.
Recent events in Europe highlight the importance of energy independence in an increasingly volatile market. The new raise will empower the demand-response energy transition specialist to boost Europe’s electricity grid at a critical time to mitigate the climate crisis while ensuring energy independence. The company also aims to expand operations in 25 countries by 2025, contributing to more stable energy grids.
Founded in 2015, the startup is speeding up the global transition towards net-zero by building smarter, cleaner renewable energy systems. Using its proprietary software platform, Sympower helps balance the supply and demand of electricity across international energy grids. As of now, it provides almost 1GW of flexibility to energy grids across Europe.
Founder and CEO of Sympower, Simon Bushell said: “Given the current uncertainty in both the financial and energy markets, we are delighted to have secured further VC investment and we welcome aboard the experienced teams of Activate and Expon. The ongoing trust and support of our current investors is also invaluable as we accelerate the expansion of our services across Europe. This will help enable the transition to a clean energy system, and assist in solving short term problems during the current EU energy crisis.”
Anup Jacob, managing partner at Activate Capital, added: “Recent events in Europe highlight the importance of energy independence in an increasingly volatile market. Sympower’s elegant software solution ties distributed energy resources into complex grid operations enabling a reliable and efficient transition of Europe’s energy infrastructure.”