Amsterdam-based Sympower secures €22 million to fuel Europe’s energy transition

Green tech startup Sympower has just raised €22 million for its proprietary software platform that is accelerating the transition to net-zero. The Amsterdam-based company doubled its customer base last year and reported a 3x revenue increase. 

Achieving a more flexible, independent and sustainable energy system is a key European priority at the moment. Achieving carbon neutrality is an ambitious task, but we are icnreasingly being reminded and made all the more aware of the importance of getting there. Now more than ever before, in the wake of record-breaking summer temperatures and rising living costs, it’s clear that Europe needs to think sustainable when it comes to energy. 

Sympower: Accelerating net zero ambitions

Amsterdam-based Sympower wants to accelerate the transition to net-zero, helping to build smarter and cleaner renewable energy systems. The startup just raised €22 million to fuel its mission. The funding was led by Silicon Valley-based Activate Capital, a leading VC and growth equity firm serving climate and sustainability pioneers in energy, mobility, and industrials. Together with Activate Capital, the consortium of VC firms include Expon Capital as well as previous investors Rubio Impact Ventures, PDENH and Rockstart. 

In order to mitigate the climate crisis whilst ensuring energy independence, flexibility to adapt to renewable, distributed production is key. Founded in 2015, Sympower’s proprietary software platform balances the supply and demand of electricity across international energy grids. It’s able to empower businesses, grid operators, asset owners and other energy stakeholders around the world to reduce their carbon emissions, integrate more distributed renewable energy resources, and generate new revenue streams by participating in demand-side response services.

Managing Partner Anup Jacob, Activate Capital, said: “Recent events in Europe highlight the importance of energy independence in an increasingly volatile market. Sympower’s elegant software solution ties distributed energy resources into complex grid operations enabling a reliable and efficient transition of Europe’s energy infrastructure.” 

What’s next

The Dutch startup has now almost 100 employees spread across nine countries, including energy hubs like 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. It also became B-corp certified earlier this year, recognising its contribution to creating a cleaner energy system. 

This new capital injection 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, said: “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.”