Energy equipment and solutions provider Sympower announced that it has secured a €19 million (USD$22.6 million) investment from Dutch pension fund manager PGGM, acting on behalf of pension fund PFZW, with proceeds aimed at supporting the acceleration of the expansion of its energy flexibility services across Europe.
The new investment forms an extension of Sympower’s Series B1 funding, bringing the round to €42 million (USD$49.8 million)
Founded in 2015, Amsterdam-based Sympower provides solutions aimed at unlocking the flexibility of electric assets across industries, by temporarily adjusting the power of machines and processes through automated demand response capabilities.
The company works with commercial and industrial businesses, grid operators, and energy stakeholders to manage electricity supply and demand virtually, shifting power to providers who see increased demand from other providers who are not utilizing their full capacity. The virtual management system relieves pressure on the grid and helps service providers utilize existing capacity more efficiently, enabling them to reduce the total amount of power generated – thus reducing the carbon footprint of electricity production. The company also develops battery technology for more efficient storage of power and better management of grid capacity.
According to the company, the new capital will support Sympower’s rollout of battery storage (BESS) optimization solutions and future mergers and acquisitions.
The company currently manages more than 2.7 gigawatts of distributed energy assets across the continent and has established a strong position in BESS, with over 0.5 gigawatts of BESS assets under management in the Nordic region.
Simon Bushell, CEO and Founder of Sympower, said:
“The next chapter for Sympower is all about scale: strategic M&A, deeper BESS integration, and new markets. This round gives us the capital and the confidence to accelerate, and with PGGM by our side, we are better positioned than ever to help Europe build a cleaner, smarter energy system.”
Sympower has so far delivered large-scale battery projects in Sweden and Finland and recently launched optimization services in Greece. The additional financing will now allow the company to expand into new European markets and strengthen its role in supporting resilient and sustainable electricity grids.
PGGM’s backing comes through its recently launched €1 billion Clean Energy Transition Strategy (CETS), which is focused on advancing the energy transition across developed Europe. Of that total, €800 million is allocated to direct equity investments, targeting technologies and services that deliver measurable reductions in carbon emissions.
Tim van den Brule, Investment Director at PGGM Infrastructure, said:
“Sympower has a highly skilled team that has built a leading flexibility platform. Our investment will contribute to the next phase of the company’s growth and into new markets. We expect Sympower to contribute to good returns for the benefit of PFZW participants and enable further incorporation of renewable resources in the electricity mix.”
PGGM will be joining Sympower’s Supervisory Board, and will contribute to shaping the company’s long-term strategic direction and governance.
