November 15, 2024
Sympower, a portfolio company of PDENH, has raised €21.3 million to accelerate the energy transition. This leading and independent provider of flexibility services will use the capital to roll out battery energy storage solutions and further expand its activities in Europe. Future mergers and acquisitions are also planned to further strengthen Sympower’s position in the market.
The investment round was led by A&G Energy Transition Tech Fund (A&G ETTF) with support from the European Investment Fund (EIF). On behalf of existing investors, PDENH was joined by Activate Capital, Rubio Impact Ventures and Expon Capital.
Balance on the grid
The power grid must always be in balance: there must be an equal supply and demand. Gas and coal power stations ensure that balance, when not enough energy can be produced from sun and wind, but those stations are not exactly climate-friendly.
Sympower has developed software that helps the electricity grid to remain in balance. In the event of a surplus or shortage of electricity, for example, the company switches devices on or off at companies. By balancing national electricity grids and enabling energy flexibility, Sympower helps companies to optimize their energy consumption, support the energy transition and unlock new sources of income.
Simon Bushell, Founder and CEO of Sympower:
'We are pleased with the confidence of our investors. This investment is an important step to further develop our battery energy storage offering and to bring our mission – enabling the energy transition in Europe – closer. With a team of more than 200 employees in 10 countries and a strong presence in Scandinavia and Greece, Sympower is looking forward to the opportunities to further expand its impact within the European energy market.'
Anthony Viellevoije, Investment Director PDENH:
'I am proud to see Sympower and its fantastic team scale up time and time again. With this fourth investment round, in which PDENH participates, as another important milestone. Also very good to see that A&G ETTF and EIF have joined, to accelerate the impact that Sympower enables with its elegant balancing technology in the volatile market conditions that we increasingly see in Europe.'
About PDENH:
The Participatiefonds Duurzame Economie Noord-Holland has made a significant contribution to the transition to a sustainable and circular economy over the past ten years. The fund invested more than 70 million euros in innovative and sustainable projects in the region. Since September 2023, it has been a closed-end fund and focuses on follow-up investments in existing portfolio companies. PDENH is managed by ROM InWest, KplusV and StartGreen Capital.
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