Wintertaling is incredibly proud to have advised Sympower during the closing of its €21.3 million Series B1 funding publicly announced mid-November. We extend our congratulations to the entire Sympower team on this significant achievement and ambitious energy flexibility project.

Wintertaling's squad responsible with supporting Sympower was made of our colleagues Tim Carapiet-Petit, Lisette Oosterveen, and Bart Dreef for their dedication and hard work on this project.

Sympower has raised 21.3 million Euros from existing and new investors. The oversubscribed Series B1 funding 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. Sympower plans to use this capital to roll out battery energy storage solutions, future mergers and acquisitions, continue its expansion in Europe, and scale its operations (according to the company's press release on Novemver 13, 2024).

Sympower was founded in 2015 with the mission to enable the transition to a fully renewable energy system. The company achieves this by unlocking the flexibility of electric assets across industries, from steel smelting to solar panels, electric vehicles to paper production, and maximising the value of this flexibility across energy markets. When the grid is out of balance, Sympower temporarily adjusts the power of machines and processes through an advanced and automated demand response capabilities. Flexibility is a vital component of a fully renewable energy system and by providing non-intrusive software solutions, Sympower allows their customers to enhance the value of their electrical assets.

Flexibility services have been hailed by the European Commission as a crucial lever to achieving Europe’s energy transition by helping to build resilient grids. Innovative grid strategies, including flexibility solutions, are predicted to help save €12 billion annually in grid investments until 2050. Sympower’s demand-side flexibility and battery energy storage systems solutions will play a central part in stabilising national grids and enabling more renewable energy to power them.

Sympower Investment Plans: Strategic Expansion into Battery Energy Storage Systems (Company public release)

Sympower is already the leading demand-side flexibility aggregator in the Nordics and Greece, with a portfolio of over 2GW of flexible distributed resources across Europe. The company will leverage the newly raised funds to integrate battery energy storage systems (BESS) into its service portfolio to manage grid stability.

“Sympower has grown tremendously in recent years, which aligns with the unprecedented demand across Europe for diversified and mature energy flexibility solutions,” explains Simon Bushell, Founder and CEO of Sympower. “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.”

Part of this funding will go towards mergers and acquisitions in Sympower’s key markets to further strengthen its service offering and accelerate its strategy. Finally, Sympower plans to diversify its offering to industrial companies and renewable energy producers by extending its trading capabilities to new energy markets.

“I expect the following years to be the most exciting so far for us. Our team has grown to over 200 people based across ten countries, and we’ve solidified our leading presence in the Nordics and Greece. I see a bright future ahead of us, one that will enable us to realise our mission of enabling Europe’s energy transition”, concluded Bushell.