Energy equipment and solutions provider Sympower has announced a €19 million investment from Dutch pension fund manager PGGM, acting on behalf of pension fund PFZW. The funding aims to accelerate the expansion of Sympower’s energy flexibility services across Europe. This new investment extends Sympower’s Series B1 funding round to €42 million.
Founded in 2015 and based in Amsterdam, Sympower specialises in unlocking the flexibility of electric assets across various industries. It achieves this by temporarily adjusting the power of machines and processes through automated demand response capabilities. The company collaborates with commercial and industrial businesses, grid operators, and energy stakeholders to virtually manage electricity supply and demand. This involves shifting power to providers experiencing increased demand from those not utilising their full capacity. Such virtual management alleviates grid pressure and allows service providers to use existing capacity more efficiently, consequently reducing the total power generated and lowering the carbon footprint of electricity production. Additionally, Sympower is developing battery technology to enhance power storage and grid capacity management.
The new capital will support Sympower’s rollout of battery storage optimisation solutions and future mergers and acquisitions. Currently, the company manages more than 2.7 gigawatts of distributed energy assets across Europe and holds a significant position in Battery Energy Storage Systems (BESS), with over 0.5 gigawatts of BESS assets under management in the Nordic region.
Simon Bushell, CEO and Founder of Sympower, stated, “The next chapter for Sympower is all about scale: strategic M&A, deeper BESS integration, and new markets. This round gives us the capital and the confidence to accelerate, and with PGGM by our side, we are better positioned than ever to help Europe build a cleaner, smarter energy system.”
Sympower has delivered large-scale battery projects in Sweden and Finland and recently launched optimisation services in Greece. The additional financing will enable the company to enter new European markets and bolster its role in supporting resilient and sustainable electricity grids.
PGGM’s backing comes through its €1 billion Clean Energy Transition Strategy (CETS), focused on advancing the energy transition across developed Europe. Of this total, €800 million is allocated to direct equity investments, targeting technologies and services that deliver measurable reductions in carbon emissions.
Tim van den Brule, Investment Director at PGGM Infrastructure, commented, “Sympower has a highly skilled team that has built a leading flexibility platform. Our investment will contribute to the next phase of the company’s growth and into new markets. We expect Sympower to contribute to good returns for the benefit of PFZW participants and enable further incorporation of renewable resources in the electricity mix.”
PGGM will join Sympower’s Supervisory Board and contribute to shaping the company’s long-term strategic direction and governance.
