November 22 (Financial Eye) – Amsterdam-based flexibility services provider Sympower on Monday said it has raised an additional EUR 3 million (USD 3.07m) to bring its Series B financing to EUR 25 million.
The company secured EUR 22 million from five venture capital funds in July.
Using a proprietary software platform, Sympower offers flexibility to energy grids in Europe, while helping industrial and commercial customers to lower their energy bills by using the flexibility of their assets. Flexibility is needed to support renewable generation. The company says that the need for its services is amplified by the current energy crisis. According to a previous announcement, Sympower’s platform provides almost 1 GW of flexibility to energy grids across Europe.
The additional funding comes from Activate Capital, the lead investor in the July round, and Rubio Impact Ventures and PDENH, which also participated in the initial funding.
Sympower will use the new capital to expand to Greece, where the balancing markets are now open, as well as to Italy, Poland, Hungary and the Czech Republic.
(EUR 1 = USD 1.025)