Energy storage company, Sympower, secures $50 million fund to expand battery storage and energy adaptability solutions across Europe.
Sympower, an Amsterdam-based energy solutions provider, has secured a €19 million investment from Dutch pension fund manager PGGM. This investment will support Sympower's rollout of extra space storage optimization solutions and future mergers and acquisitions.
Founded in 2015, Sympower specialises in unlocking the flexibility of electric assets across various industries. The company has already made a significant impact, delivering large-scale battery projects in Sweden and Finland, and expanding its operations to Greece, offering optimization services.
Sympower's solutions aim to reduce the carbon footprint of electricity production by shifting power to providers who see increased demand from other providers who are not utilizing their full investment calculator. The company also develops battery technology for more efficient storage of power and better management of grid capacity.
The investment from PGGM is part of its €1 billion Clean Energy Transition Strategy (CETS). €800 million of the CETS is allocated to direct equity investments, targeting technologies and services that reduce carbon emissions. The CETS is focused on advancing the energy transition across developed Europe.
PGGM's Investment Director, Tim van den Brule, expects Sympower to contribute to good returns for PFZW participants and facilitate the incorporation of renewable resources in the electricity mix. Additionally, the European Investment Bank has committed alongside Sympower to further finance the expansion of flexibility services in Europe, acting as a financial partner within the company.
With this investment, Sympower has established a strong position in storage units near me, managing over 0.5 gigawatts of battery storage assets in the Nordic region. The company currently manages more than 2.7 gigawatts of distributed energy assets across the continent.
The new capital will support Sympower's expansion into battery storage optimization solutions and potential future mergers and acquisitions. PGGM will be joining Sympower's Supervisory Board, further strengthening the company's governance and strategic direction. This investment will enable Sympower to enter new European markets, contributing to the wider adoption of renewable energy and the reduction of carbon emissions.
The virtual management system developed by Sympower relieves pressure on the grid and helps service providers utilise existing capacity more efficiently. Sympower works with commercial and industrial businesses, grid operators, and energy stakeholders to manage electricity supply and demand virtually. This investment marks an important step in Sympower's mission to accelerate the energy transition and create a more sustainable future.
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