Sympower, an Amsterdam-based provider of flexible energy management and virtual power plant technology, announced that it has raised €21.3 million (USD$22.6 million) in Series B1 financing round, with proceeds aimed at rolling out battery energy storage solutions, funding future mergers and acquisitions, continuing its expansion in Europe, and scaling the company’s operations.

Founded in 2015, Sympower provides solutions aimed at unlocking the flexibility of electric assets across industries, by temporarily adjusting the power of machines and processes through automated demand response capabilities.

The company works with commercial and industrial businesses, grid operators, and energy stakeholders to manage electricity supply and demand virtually, shifting power to providers who see increased demand from other providers who are not utilizing their full capacity. The virtual management system relieves pressure on the grid and helps service providers utilize existing capacity more efficiently, enabling them to reduce the total amount of power generated – thus reducing the carbon footprint of electricity production. The company also develops battery technology for more efficient storage of power and better management of grid capacity.

Simon Bushell, founder and CEO of Sympower, said:

“Sympower has grown tremendously in recent years, which aligns with the unprecedented demand across Europe for diversified and mature energy flexibility solutions. I’m grateful for the continuous support of our investors and delighted to see new ones putting their trust in us. Completing an oversubscribed funding round shows our investors’ confidence in our vision, team, and execution capabilities. This new funding will be key in expanding our operations and enabling us to deliver a sophisticated and mature offering for battery energy storage systems.”

Energy flexibility services have been described by the European Commission as a crucial lever to achieving the continent’s energy transition by helping to build more resilient grids. Sympower has been active in several European markets, including the Nordic countries and Greece, with a portfolio of over 2GW of flexible distributed resources across Europe. The company said that the new capital will be used to integrate battery energy storage systems (BESS) into its service portfolio to manage grid stability, and to support M&A in the company’s key markets, as well as to diversify its offering to industrial companies and renewable energy producers by extending its trading capabilities to new energy markets.

The Series B1 funding round was led by A&G Energy Transition Tech Fund (A&G ETTF) with direct investment from the European Investment Fund (EIF) and participation from existing investors Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital.

Jesús Lozano Lopez, Investment Director at A&G, said:

“We have been following Sympower’s evolution for a few years and were impressed by its unique international footprint and position in the European energy market. Sympower’s significant growth, commercial traction, and European expansion were determining factors which convinced us to invest. We’re confident that we can enable them to unlock the next phase of their scale-up growth and to consolidate their leading position in Europe.”