Battery optimizer Sympower eyes expansion in central, southern Europe

Dutch battery optimizer Sympower has secured €19 million from the Netherlands’ second biggest pension fund manager and says it will use the cash for new battery projects and potential merger and acquisition (M&A) activity.

The Amsterdam-based company announced the latest investment as part of a €42 million series B1 funding round.

Dutch healthcare and social care pension fund manager PFZW will take a seat on Sympower’s advisory board as part of the investment. The investment was made via PFZW’s PGGM asset management brand.

Announcing the influx of cash, Sympower said the €19 million would build “on projects in Sweden and Finland and the recent launch in Greece, while preparing entry into new Central and Southern European markets.” The company said it manages more than 500 MW of Swedish and Finnish BESS and recently launched its optimization services in Greece.

“This strategic investment allows us to unlock the next phase of our BESS vision and unlock new acquisition opportunities to strengthen our offering,” said Sympower Founder and CEO Simon Bushell. “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 chief executive added, “The next chapter for Sympower is all about scale: strategic M&A, deeper BESS integration, and new markets.”

Sympower named Spanish investor A&G Energy Transition Tech Fund; US-based venture capital (VC) business Activate Capital; Dutch VC companies Rubio Impact Ventures and PDENH; and Luxembourg-based VC investor Expon Capital among its other backers.