Amsterdam, The Netherlands-based developer of renewable energy systems, Sympower, raised an additional EUR 3 million in the latest financing. The Series B round took place on November 21, 2022. Activate Capital, Rubio Impact Ventures, and PDENH led the financing for the firm. The company’s Series B funding amounts to EUR 25 million.
Earlier, Activate Capital, VC, Expon Capital, and Rockstart led the EUR 22 million Series B funding for Sympower.
Purpose of financing for Sympower
With the latest proceeds from the additional Series B funding, Sympower aims to further expand its services to multiple countries such as Europe, including Italy, Greece, Poland, Hungary, and the Czech Republic.
Besides securing the initial fundraise, Sympower partnered with the Israeli Independent System Operator (ISO), Noga. The mission is to help system operators stabilise the country’s electricity grid during times of peak energy demand.
What the company’s founder and CEO have to say
Speaking on the recent development, Sympower’s Founder and Chief Executive Officer (CEO), Simon Bushell, said, “As we offer our flexible services to more of Europe, we are grateful for the continued support from our investors. This trust has allowed us to further our ambitions as we implement our growth strategy, help overcome the current energy crisis and secure a climate-positive future for Europe.”
What the partner at Rubio Impact Venture has to say
Managing Partner Helmer Schukken, Rubio Impact Ventures, further added, “At Rubio Impact Ventures, we see tremendous potential in Sympower as they grow. As an impact venture capital fund, when our business opportunities grow, so makes our impact. That’s how we know we’re doing the right thing by investing in Sympower. By providing them with more funding, we’re able to contribute more to the energy transition and a sustainable future.”
About the company
Simon Bushell, who also serves as the CEO, founded the company in 2015. The Amsterdam-based company operates as a climate-tech startup. Sympower leverages its proprietary software platform to help businesses, grid operators, asset owners, as well as other energy stakeholders around the world reduce their carbon emissions, integrate more distributed renewable energy resources, and generate new revenue streams by participating in demand-side response services.
Meanwhile, the company boasts more than 100 employees active in twelve countries. Besides, it possessed almost 1GW of flexible distributed energy assets under management across a portfolio of nearly 200 industrial and commercial customers. Further, it seeks to expand its operations across Europe, contributing to more stable energy grids.
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