Just one year after their previous raise, Synpower, Rockstart 2016 portfolio company is strengthening its position as a leading European independent flexibility services provider by raising a €22m investment round to finance growth in low carbon grid-balancing services. The raise is led by Silicon Valley-based Activate Capital, alongside Activate Capital and Expon Capital as well as previous investors Rubio Impact Ventures, PDENH and Rockstart.
This new raise will assist Amsterdam-based Sympower in transforming Europe’s electricity grid at a critical time in the continent’s history. Sympower, who this year became B-Corp certified, is accelerating the global transition towards net- zero by helping to build smarter, cleaner renewable energy systems. Using its proprietary software platform, Sympower helps balance the supply and demand of electricity across international energy grids.
Sympower adds that flexibility with its proprietary software platform that already provides almost 1GW of flexibility to energy grids in Europe. Sympower is market leader in Sweden and Finland, has a presence in Norway and will soon be expanding its services to Denmark. In the Nordics, Sympower works with partners and customers such as Vattenfall, Arctic Paper and Hive Blockchain Technologies and will soon start onboarding its first customers in Denmark.
The funds will allow Sympower to serve more industrial and commercial customers across Europe, including demand-side loads, renewable energy production, electric vehicle charging, and battery storage facilities.
Founder and CEO Simon Bushell, Sympower: “Given the current uncertainty in both the financial and energy markets, we are delighted to have secured further VC investment and we welcome aboard the experienced teams of Activate and Expon. The ongoing trust and support of our current investors is also invaluable as we accelerate the expansion of our services across Europe. This will help enable the transition to a clean energy system, and assist in solving short term problems during the current EU energy crisis.”
Max ter Horst, Managing Partner Energy, Rockstart: “Rockstart’s investment in Sympower reflects our firm belief in the enormous potential of the company. Sympower is expanding rapidly into new countries, as demand-response markets open up globally. One of these new markets is Denmark, where Rockstart has a local office and investment activities, which allows us to actively support Sympower in its efforts to enter this market. This later stage investment in Sympower is also a key milestone for Rockstart, showcasing our continued commitment to portfolio companies as they reach international scale.”
Founded in 2015, Sympower has almost 100 employees working in nine countries, including the Netherlands, Sweden, Finland, Norway and Israel. With over 750MW of flexible distributed energy sources under management across a portfolio of more than 200 industrial and commercial customers, Sympower is rapidly expanding its operations across Europe, contributing to more stable energy grids.
Congratulations to the Sympower team on this exceptional achievement. We are proud to be a part of their journey!