Sympower raises €21.3 million to accelerate energy transition

15 November 2024

Sympower, a portfolio company of PDENH, has raised 21.3 million euros 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 operations 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, Activate Capital, Rubio Impact Ventures and Expon Capital participated in addition to PDENH.

Balance on the net

The power grid should always be in balance: there should be equal supply and demand. Gas and coal power plants provide that balance when sufficient energy cannot be produced from solar and wind, but these plants are not particularly climate-friendly.

Sympower has developed software that helps the power grid stay in balance. When there is a surplus or shortage of power, for example, it switches appliances on or off at companies. By balancing national power grids and enabling energy flexibility, Sympower helps companies optimise their energy consumption, support the energy transition and unlock new sources of income.

Simon Bushell, founder and CEO of Sympower:

'We are delighted with the confidence of our investors. This investment is an important step to further develop our battery energy storage offering and 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 looks 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 scaling up time and again. With this fourth investment round, in which PDENH is participating, again as an important milestone. Also very good to see that A&G ETTF and EIF have joined, to accelerate the impact that Sympower's elegant balancing technology enables in the volatile market conditions we are increasingly seeing in Europe.'

About PDENH:

The Participation Fund Sustainable Economy North Holland has made a substantial contribution to the transition to a sustainable and circular economy over the past decade. The fund invested over EUR 70 million in innovative and sustainable projects in the region. Since September 2023, it is a closed-end fund and focuses on follow-on investments in existing portfolio companies. PDENH is managed by ROM InWest, KplusV and StartGreen Capital.