Sympower, a Dutch unbiased flexibility providers supplier, has secured €19 million in funding to additional roll out its battery storage (BESS) optimisation options and purse further M&As – that is an extension of Sympower’s Sequence B1 funding, bringing the whole spherical to €42 million.
This funding comes from pension investor PGGM, investing on behalf of PFZW, the Dutch healthcare pension scheme. Sympower can be supported by different affect traders, together with A&G Vitality Transition Tech Fund, Activate Capital, Rubio Influence Ventures, PDENH, and Expon Capital.
“This strategic funding permits us to unlock the subsequent section of our BESS imaginative and prescient and unlock new acquisition alternatives to strengthen our providing,” defined Simon Bushell, Founder and CEO of Sympower. “Having PGGM on board is a strong vote of confidence from considered one of Europe’s most revered institutional traders. Their long-term, impact-driven funding method is deeply aligned with our mission to construct a extra sustainable and resilient power system.”
Sympower goals to speed up Europe’s transition in the direction of a climate-neutral future by serving to to construct smarter, cleaner, renewable power programs. The corporate’s platform, constructed from the bottom up, reportedly balances the availability and demand of electrical energy throughout European power networks.
Based in 2015, Sympower has over 200 workers energetic in additional than ten international locations and manages over 2.7 GW of versatile distributed power property. The corporate counts with a portfolio of over 170 industrial and industrial clients, who function in a variety of energy-intensive industries, together with paper and pulp, greenhouse, knowledge centres and wooden mills, permitting us to unlock the flexibleness {of electrical} property and processes.
This newest funding marks a pivotal step in scaling the corporate’s presence in BESS, increasing its acquisition pipeline, and advancing its pan-European development. The funding will allow Sympower to construct on its observe file with grid-scale battery initiatives in Sweden and Finland and prolong its capabilities to play a central position in Europe’s evolving flexibility ecosystem.
Sympower presently manages over 0.5GW of battery power storage property within the Nordics, and has not too long ago introduced the rollout of its BESS optimisation providers in Greece.
”Sympower has a extremely expert group that has constructed a number one flexibility platform. Our funding will contribute to the subsequent section of the corporate’s development and into new markets. This funding in Sympower suits very nicely with the Local weather and Vitality Transition Options (CETS) mandate given to us by Pensioenfonds Zorg en Welzijn (PFZW),” stated Tim van den Brule, funding director at PGGM Infrastructure.
He added: “We count on Sympower to contribute to good returns for the good thing about PFZW individuals and allow additional incorporation of renewable assets within the electrical energy combine.”
PGGM will be part of Sympower’s Supervisory Board to assist steer the corporate’s long-term strategic development and strengthen its governance.
“The following chapter for Sympower is all about scale: strategic M&A, deeper BESS integration, and new markets,” added Bushell. “This spherical provides us the capital and the boldness to speed up, and with PGGM by our facet, we’re higher positioned than ever to assist Europe construct a cleaner, smarter power system.”
