Amsterdam-based startup Sympower has secured 21mn as it looks to scale its grid-balancing technology.
Sympower partners with businesses that use a large amount of electricity.
Grid operators pay Sympower to stabilise the energy supply.
The company passes most of that payment to participating businesses, keeping a small service fee.
40% off TNW Conference!
The more energy they save, the more money they make.
The idea is to help prevent blackouts and the strain on the grid.
The EU hasidentifieddemand response as well as energy storage technologies as key to restoring the balance.
As more renewables come online and our societies electrify, its no wonder thatdemandfor grid flexibility is surging.
It has 2GW worth of energy assets under management and employs 200 people in over 10 countries.
Todays funding round brings its total capital raised to a healthy 60mn.
It is also expanding into the battery storage business to complement its demand response software.
Story bySion Geschwindt
Sion is a freelance science and technology reporter, specialising in climate and energy.
