Expon Capital Part Of Sympower’s €25m Series B Raise

Sympower Leadership Team (© Sympower)

After an initial €22m raised this summer, the Amsterdam-based climatetech adds another €3m in Series B funding. Expon Capital is among the five VCs supporting the low-carbon grid startup.

The energy crisis is upon us and government subsidies alone won’t solve it. Fortunately, startups such as Sympower are stepping up to the table to provide innovative solutions to complex problems.

Founded in 2015, Sympower’s proprietary platform balances the supply and demand of electricity across energy networks, thereby contributing to a more stable renewable energy system.

After having raised an impressive €22m in mid-July this year, Sympower succeeded in raising an additional €3m from its lead investors, Irish-based Activate Capital, a growth equity firm supporting climate and sustainability pioneers, alongside Rubio Impact Ventures and PDENH. The latter were joined by Luxembourg-based Expon Capital and Rocketstart in the mid-July round.

“Here at Expon Capital, we’re thrilled to be backing this amazing team on their mission to reshape the grid for a more reliable, sustainable and renewable energy future. These are not just buzz words–this is the real deal,” said founding partner Jerome Wittamer in a statement on social media.

Sympower will use this additional funding to establish itself in Greece, alongside other key European markets including Italy, Poland, Hungary and the Czech Republic. When or whether Luxembourg – which aims to cover over a third of 2030 electricity demand with renewables – will benefit from Sympower’s services remains unclear.

As the European continent finds itself in the middle of an energy crisis, which has seen the European Union implement a mandatory 5% reduction on electricity consumption, Sympower’s services could not come at a more opportune time.

“As we offer our flexible services to more of Europe, we are grateful for the continued support from our investors. This trust has allowed us to further our ambitions as we implement our growth strategy, and help overcome the current energy crisis and secure a climate-positive future for Europe,” said Simon Bushell, founder and CEO of Sympower.

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