Sympower, an Amsterdam-based green tech startup, has raised a €2.3 million grant from the European Innovation Council (EIC) Accelerator program to help fund the expansion of its proprietary software platform.
The latest grant will fund Sympower’s ‘Flex4Scale’ project as it seeks to achieve a more flexible, independent, and sustainable energy system, which is crucial for the European market at present.
Flex4 Scale provides Sympower’s customers with more significant insights into the flexibility capabilities of their resources. It will also enhance the data analytics and optimisation of the platform and offer wider integration strategies to create a smarter and more robust system.
The additional funding from the EIC comes after Sympower raised an oversubscribed €22 million in July this year.
Owned by the European Commission, the EIC Accelerator supports individual Small and Medium Enterprises (SMEs), particularly startups and spin-out companies, to develop and scale up game-changing innovations.
While providing almost 1GW of flexibility to energy grids across the continent, the Flex4Scale project will also harness the flexibility of smaller assets, of less than 1MW, across a growing number of industry sectors, such as the electric transportation industry.
As a result, it will open Sympower’s services to a broader customer base and provide further flexibility opportunities.
Simon Bushell, founder, and CEO, Sympower, says, “Establishing Europe’s energy independence and transition towards renewables requires greater flexibility services. With the increasing uncertainty of Europe’s energy market, we are delighted and reassured to have support from the European Innovation Council. The direct support from the EU Commission is a sign that flexibility services remain critical to the future of Europe’s energy.”
Renewable energy system
Founded by Simon Bushell in 2015, Sympower‘s proprietary software platform balances the supply and demand of electricity across international energy networks.
The company helps businesses, grid operators, asset owners, and other energy stakeholders worldwide reduce their carbon emissions, integrate more distributed renewable energy resources, and generate new revenue streams by participating in demand-side response services.
Sympower has over 90 staff and is active in ten countries worldwide, including the Netherlands, Sweden, Finland, and Norway.
The company is expanding its operations to deliver services in Israel, Denmark, Spain, and Greece. The Dutch company works with customers in a wide range of energy-intensive industries, including paper and pulp, greenhouse, data centres, and wood mills, allowing us to unlock the flexibility of electrical assets and processes.
