Sympower, a leader in the field of energy flexibility in Europe, has successfully secured €19 million in funding from PGGM. This investment management firm operates on behalf of PFZW, which is the pension fund for the Dutch healthcare sector. This significant financial support will enable Sympower to develop further its solutions for optimizing battery energy storage, also known as BESS. Additionally, the funding will enable the company to pursue further mergers and acquisitions, thereby enhancing its market position. This latest round of funding is an extension of Sympower’s Series B1 investment, bringing the total amount raised in this funding phase to an impressive €42 million.
With a portfolio that includes over 2.7 gigawatts (GW) of flexible distributed energy resources managed across Europe, Sympower has firmly established itself as a frontrunner in the energy flexibility market. This recent investment is a crucial step in expanding the company’s BESS capabilities, which are essential for balancing supply and demand in the energy market. The additional funds will not only facilitate growth in existing operations but will also help Sympower explore new opportunities for acquisitions, further strengthening its presence across Europe.
Sympower currently manages more than 0.5 GW of battery energy storage in the Nordic countries and has recently made strides by launching its BESS optimization services in Greece. The company is now focusing on expanding into other promising battery markets throughout Europe. With over ten years of experience in energy flexibility and a well-established local presence, Sympower is well-positioned to accelerate the delivery of BESS projects in these new regions. This funding extension not only solidifies Sympower’s status as a significant player in the energy flexibility sector but also underscores the vital role that battery storage and demand-side flexibility will play in supporting the transition of Europe’s energy systems.
The investment from PGGM reflects the increased confidence in Sympower and the energy flexibility market as a whole. PGGM manages a remarkable €250 billion in pension assets and has nearly €7 billion dedicated to energy infrastructure investments. The firm is recognized for its dedication to long-term, sustainable projects that contribute to a greener future while delivering responsible returns for its stakeholders.
In addition to the investment, PGGM has recently launched a new impact investment strategy, called CETS, with a total funding capacity of €1 billion. Out of this amount, €800 million is allocated for direct equity investments that are actively managed. The primary goal of CETS is to create a positive environmental impact through innovative investments in the energy transition, specifically those that lead to measurable reductions in carbon dioxide emissions. As part of this strategy, Sympower represents the fifth investment made under the CETS mandate, joining other notable companies like SCW Systems, Carbon Collectors, and RIFT.
As part of the investment agreement, PGGM will have a seat on Sympower’s Supervisory Board, which will enable it to guide the company in its long-term strategic planning and governance. A range of other impact investors, including A&G Energy Transition Tech Fund, Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital, also support Sympower’s journey. This robust backing not only highlights the confidence investors have in Sympower but also emphasizes the shared vision of advancing the energy transition in Europe.
KEY QUOTES:
“This strategic investment allows us to unlock the next phase of our BESS vision and unlock new acquisition opportunities to strengthen our offering. Having PGGM on board is a powerful vote of confidence from one of Europe’s most respected institutional investors. Their long-term, impact-driven investment approach is deeply aligned with our mission to build a more sustainable and resilient energy system.”
“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’re better positioned than ever to help Europe build a cleaner, smarter energy system.”
Simon Bushell, CEO and founder of Sympower
“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. This investment in Sympower fits very well with the Climate and Energy Transition Solutions (CETS) mandate given to us by Pensioenfonds Zorg en Welzijn (PFZW). 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.”
Tim van den Brule, investment director at PGGM Infrastructure
