2016 Rockstart Smart Energy Alum Announces One Million in Funding
The grand finale of Smart Energy Demo Day called for an eruption of confetti and a champagne toast. Sympower, a 2016 Rockstart Smart Energy program alum, announced that it raised one million euros from angel investors and impact investment fund Enfuro Ventures.
Smart Energy Program Director Freerk Bisschop, brought Sympower founder and CEO Simon Bushell on stage to close 2017 Smart Energy Demo Day, capitalizing on the opportunity to inspire the graduates of this year’s program with the alum’s recent success. Bisschop reflects on the startup’s growth trajectory, saying, “Sympower has made optimal use of the accelerator and the smart energy ecosystem, by connecting with the right mentors, partners and investors.”
The following press release comes directly from Sympower’s communication team.
Sympower, an Amsterdam based Demand Response Aggregator, has raised one million euros from angel investors and impact investment fund Enfuro Ventures. The capital will fund the international scale-up of it’s electricity grid balancing software platform following the successful implementation on electricity markets in Europe.
Sympower is actively offering frequency reserve through demand response to Transmission System Operators in Europe. Sympower manages industrial, commercial and residential systems to offer frequency reserve, generating approx. 10% additional annual revenue for the owners of the controllable assets.
Sympower, a demand response aggregator founded in 2015, has developed a cloud-based aggregation platform that provides cost-effective reserve services to the electricity grid. The Sympower software platform responds to disturbances and fluctuations in supply and demand on the electricity grid within seconds, by regulating electricity consumption of industrial systems and machinery across multiple sectors.
Cost-effective and clean
Transmission System Operators are obligated to maintain a constant supply of electricity. Matching electricity demand with exact supply is critical, as discrepancies can lead to power outages and damages to the network. Maintaining a stable grid is becoming increasingly challenging, in part due to the arrival of alternative energy sources such as solar and wind.While solar and wind power are cleaner and more sustainable, the output they generate is irregular and unpredictable. By deploying the Sympower demand response platform over relying on traditional power plants, overproduction is avoided and net CO2 emissions are significantly reduced, contributing to a more efficient and future proof energy system.
From Startup to Scale-up
Sympower’s founder and CEO Simon Bushell, announced the investment of €1 million together with Erik Schut of lead investor Enfuro Ventures in Amsterdam in front of startup founders and investors at the Rockstart Smart Energy Accelerator 2017 Demo Day. In one year’s time, the Sympower team has grown to over 20 people and expanded into four countries. Next step is offering frequency reserve to grid operators in North-America. The investment will support the internationalization and brings Sympower from a startup to a scale-up.
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