Sympower, an international scale-up driving the energy transition, has raised €3 million in a Series A funding round from Dutch investment funds Social Impact Ventures and Participatiefonds Duurzame Economie Noord-Holland (PDENH), current investors and team.
The capital will fund the further international roll-out of Sympower’s electricity grid balancing services following successful implementation on electricity markets in Finland and the Netherlands.
The Sympower software platform responds to fluctuations in the supply and demand of electricity grid in milliseconds, by regulating the consumption or generation of electrical installations across multiple industrial and commercial sectors, while taking care not to interrupt primary processes.
A flexible grid for a 100% renewable future
Sympower’s in-house developed software platform helps prepare the electricity grid for a 100% renewable future. It replaces the existing method of balancing the grid that is currently done by adjusting the output of large power plants.
“To raise funding from two professional investment funds and raise additional capital from our current investors is a huge vote of confidence in our mission, activities and the team,” says Sympower CEO, Simon Bushell.
The investment follows a growth trajectory that has seen expansion from Estonia to the Netherlands, Finland, Sweden, and Israel, with contributors across multiple industries. Sympower works together with large players in for example the paper & pulp, recycling and waste, agriculture and water management industries to offer grid operators frequency reserves and balancing services.
continue reading the rest of the official release from Sympower here