Amsterdam-based Sympower raises €21.3 million to foster renewable energy integration

Sympower, a leader in power versatility solutions in Europe, has actually safeguarded EUR21.3 million in an oversubscribed financing round led by A&G Power Shift Technology Fund (A&G ETTF), with straight financial investment from the European Mutual Fund (EIF) and engagement from existing financiers Turn on Funding, Rubio Influence Ventures, PDENH, and Expon Funding. This financial investment will certainly sustain Sympower’s goal to improve grid security and foster renewable resource assimilation throughout Europe.

With a profile of over 2GW of versatile dispersed sources, Sympower runs as a demand-side versatility collector throughout the Nordics and Greece, offering remedies that aid support grids and incorporate renewable resource resources. Versatility solutions, acknowledged by the European Compensation as necessary to accomplishing Europe’s power objectives, are predicted to conserve EUR12 billion in grid financial investment expenses by 2050.

Critical development right into battery power storage space systems

Sympower will certainly make use of component of the brand-new financing to integrate battery power storage space systems (BESS) right into its solution offering, strengthening grid security and sustaining renewable resource assimilation.

chief executive officer Simon Bushell claimed: ” Sympower has actually expanded greatly in the last few years, which straightens with the extraordinary need throughout Europe for varied and fully grown power versatility remedies. I’m thankful for the continual assistance of our financiers and pleased to see brand-new ones placing their count on us. Finishing an oversubscribed financing round reveals our financiers’ self-confidence in our vision, group, and implementation abilities.”

A section of the financing will certainly additionally sustain critical mergings and purchases to strengthen Sympower’s solution offerings in essential markets. Additionally, Sympower intends to broaden its abilities for commercial firms and renewable resource manufacturers by prolonging its power trading solutions.

Brand-new financiers and managerial board participants

The financing round invited brand-new financiers and a broadened Supervisory Board, with Jesús Lozano Lopez from A&G signing up with the board in addition to Tim Healy, previous Chairman and chief executive officer of EnerNOC.

A&G’s Financial investment Supervisor, Jesús Lozano Lopez, commented: ” We have actually been adhering to Sympower’s advancement for a couple of years and were excited by its distinct worldwide impact and setting in the European power market. Sympower’s considerable development, business grip, and European development were identifying variables which persuaded us to spend.”

Lasting capitalist Rubio Influence Ventures, stood for by Companion Helmer Schukken, revealed ongoing assistance: ” We are enjoyed proceed sustaining Sympower’s goal to drive the renewable resource change ahead along with our companion, the European Mutual Fund. This joint financial investment represents our recurring sentence in the firm’s market management, allowing grid versatility and greener power from the business & commercial field.”

Sympower currently runs with over 200 staff members throughout 10 nations and is positioned to take advantage of the financing to scale its company and additionally its function in Europe’s power change.

The blog post Amsterdam-based Sympower raises €21.3 million to foster renewable energy integration showed up initially on EU-Startups.