Amsterdam-based Sympower, a leading provider of independent flexibility services, has raised €21.3 million in an oversubscribed Series B1 funding round. The round was led by the A&G Energy Transition Tech Fund (A&G ETTF), with direct investment from the European Investment Fund (EIF) and participation from existing investors Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital.
The fresh capital will enable Sympower to scale its battery energy storage solutions, pursue future mergers and acquisitions, and drive its European expansion. The company also plans to diversify its offering to industrial companies and renewable energy producers by extending its trading capabilities to new energy markets.
Sympower’s flexibility solutions for the energy transition
Founded by Simon Bushell, Sympower focuses on creating sustainable energy systems through demand response and flexibility services – two key industries for achieving Europe’s energy transition goals and building more resilient power grids.
The company helps businesses optimise their energy usage, reduce costs, and contribute to grid stability and reliability. Innovative grid strategies, including flexibility solutions, will save €12 billion annually in grid investments until 2050. Sympower’s demand-side flexibility and battery energy storage systems are central to integrating more renewable energy onto national grids.
Speaking to TFN, Simon Bushell, CEO of Sympower, explained: “As an independent flexibility services provider, Sympower acts as a “one-stop shop” for various customers, from industrial and commercial businesses to battery owners and renewable energy companies. This vendor-neutral approach allows the company to fully dedicate itself to enabling customers to maximise the value of their flexible assets.”
Growing demand for flexibility solutions
The rise of intermittent renewable energy sources on the grid is a crucial driver for the flexibility market, exponentially increasing the need for mature flexibility solutions. Bushell continued in a conversation with TFN: “Sympower is also seeing more grid-scale batteries enter the market, prompting the company to use its new funding to roll out a mature solution for battery energy storage system (BESS) players.”
According to industry estimates, the widespread adoption of demand-side flexibility could reduce renewable energy curtailment by 15.5 TWh (61%), improving the economics of renewables. It could also bring potential cost savings of over €71 billion (64%) per year for consumers and save between €11.1 billion and €29 billion annually on grid infrastructure investments.
Investors are seeking to unlock Europe’s energy transition – Sympower is the solution
Jesús Lozano Lopez, Investment Director at A&G, commented: “We have been following Sympower’s evolution for a few years and were impressed by its unique international footprint and position in the European energy market. Sympower’s significant growth, commercial traction, and European expansion were determining factors which convinced us to invest. We’re confident that we can enable them to unlock the next phase of their scale-up growth and to consolidate their leading position in Europe.”
Helmer Schukken, Partner at Rubio Impact Ventures, first invested in 2019, commented, “We are thrilled to continue supporting Sympower’s mission to drive the renewable energy transition forward alongside our partner, the European Investment Fund. This joint investment represents our ongoing conviction in the company’s market leadership, enabling grid flexibility and greener power from the commercial & industrial sector.”
Looking ahead, Sympower is excited about its upcoming pipeline in the battery market and plans to expand into new European markets. The company also hopes to see more countries adopt favourable and harmonised legislation to enable independent flexibility service providers like Sympower to offer solutions.
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