Sympower, an Amsterdam-based company focused on transitioning to a renewable energy system, recently raised €19 million from pension investor PGGM. This investment comes as a strategic move to bolster Sympower’s position in the renewable energy landscape. By optimizing battery storage solutions and expanding its market presence, Sympower aims to play a crucial role in Europe’s flexibility ecosystem. This funding not only fortifies Sympower’s financial foundation but also underscores its commitment to sustainable energy solutions amid growing demand for eco-friendly practices.
PGGM, managing over €250 billion in pension assets, has been involved in energy infrastructure investments prior to this collaboration. Previously, Sympower acquired Flextools from Norwegian energy group Å Energi, marking a significant expansion step. This acquisition highlighted Sympower’s goal of increasing its capabilities in grid-scale battery projects in Sweden and Finland. The current investment builds on these past efforts, reflecting a consistent strategy towards maximizing the impact of renewable resources in energy markets.
How Will Sympower Use This Funding?
The company plans to use the secured funds to enhance its battery energy storage system (BESS) optimization solutions and explore potential acquisition opportunities. By doing so, Sympower seeks to integrate further into evolving markets, especially within Europe, and leverage its expertise to manage over 0.5 GW of battery energy storage assets strategically. Continuing its projects in Greece, it aims to expand its services to other European markets by drawing on its decade-long experience.
What Changes Occur in Sympower’s Governance?
PGGM’s entry into Sympower’s Supervisory Board signifies a joint effort to guide the company through its next growth phase. This involvement aims to strengthen governance while aligning with Sympower’s mission. Sympower CEO Simon Bushell emphasized that onboarding PGGM is a testament to the company’s impact-driven approach to building a sustainable energy system.
“This strategic investment allows us to unlock the next phase of our BESS vision and unlock new acquisition opportunities to strengthen our offering,” stated Bushell.
In addition, Sympower benefits from the support of other significant investors including A&G Energy Transition Tech Fund and Activate Capital. These alliances foster a comprehensive approach toward growth and technological innovation, further embedding Sympower in the renewable energy fabric of Europe.
Tim van den Brule of PGGM Infrastructure remarked on this collaboration’s alignment with their mandates, stating it supports both good returns and increased renewable resource incorporation.
“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,” noted van den Brule.
Sympower’s innovative role in balancing the electricity grid ensures its significance in this evolving industry.
Founded in 2015, Sympower has consistently driven innovations in flexibility services across Europe. Its software platforms help balance electricity supply and demand, promoting a sustainable energy system. Catering mainly to industries like data centers and paper mills, Sympower provides solutions that optimize energy use while reducing operational costs. This extensive focus positions the company uniquely to adapt to energy demands and emerging renewable technologies.
Sympower’s recent accomplishments reflect its alignment with market needs for cleaner, more efficient energy solutions. With ongoing developments and strategic investments, Sympower demonstrates how business can align with sustainability, offering insights for sectors looking at energy transition. As it expands its offerings, stakeholders in the energy sector and beyond can learn from its model of integrating advanced technology with environmental goals.
