Sympower, the demand-response specialist using software to accelerate the energy transition, has raised €5.2 million in its Series B. The funding comes from Kees Koolen, an early investor and former CEO and Chairman of Booking.com and an early investor and international expansion advisor of Uber, as well as existing investors.
Flexibility is essential for the energy transition. It helps maintain a stable electricity system by balancing supply and demand in the face of increasingly unstable supply from solar and wind sources and demand from e-mobility and electric heating.
Founded in 2015, Sympower’s software solution can manage a wide range of electrical assets and processes, such as steel smelting, paper production, electric vehicles and HVAC systems, and utilise them to support the electricity system. The company is active in Finland, Sweden and the Netherlands, counting transmission system operators Fingrid, Svenska Kraftnät and TenneT as current customers. It also partners with leading European energy company Vattenfall in Sweden.
Sympower is the first clean energy software company to receive investment from Kees Koolen. The investment underlines the strong, rapidly increasing demand for flexibility solutions, reflected by the rising share of renewables and opening-up of new European electricity markets as encouraged by the European Commission. At this pivotal point in the energy transition, Sympower’s rapid growth will be further accelerated by the new funding. Kees will support the company’s internationalisation, drawing upon his vast experience, including driving Uber’s fast international expansion.
The Series B funding will be used to accelerate the European energy transition. Sympower will enter new European markets that are promoting clean energy technologies and opening for flexibility solutions. Simultaneously, it will help the company increase its presence in the countries where it is already playing an active role in shaping resilient electricity systems. As one of the largest independent flexibility providers, Sympower can partner with any industry, grid operator or utility.
Commenting on the investment, Sympower’s CEO Simon Bushell said: “Raising our Series B funding marks an important milestone in Sympower’s journey and will help our mission to accelerate the global energy transition. Last year saw a real boom in renewables and a stronger regulatory push from the European Union, meaning now is the perfect time to increase our capabilities and European reach. Flexibility is vital for the energy transition and will play a crucial role in a fully renewable energy system that forms the basis of a sustainable world. We’re delighted to welcome Kees and his team at Koolen Industries and look forward to drawing on his experience of quickly and successfully scaling companies.”
Explaining his decision to invest in Sympower, Kees Koolen commented: “The energy sector will undergo huge disruption in the coming years, driven by both the climate emergency and the inefficiencies in the current system. Software will be at the centre of these changes, just as it was in other sectors such as travel. I’m convinced that Sympower’s outstanding software platform is the best on the demand-response market, and I’m amazed at the progress they have made to date. I’m excited to support the experienced, passionate team which is ready to rapidly roll out its scalable solution to more countries.”
Helmer Schukken, Managing Director of Sympower’s existing investor Rubio Impact Ventures, added: “Sympower’s market traction has been remarkable, with a growing list of customers and partners including major industry names such as Vattenfall. Our latest investment in the company will accelerate the clean energy transition and reinforces our commitment to the independent and enthusiastic team. We look forward to the next chapter in Sympower’s journey.”