Europe-based BESS optimisation and flexibility providers Sympower and Suena have completed Series B1 and A fundraisings respectively.
Sympower completes B1 with €19 million from Dutch pension fund
Netherlands-headquartered flexibility services provider Sympower has raised €19 million (US$22.5 million) from pension fund investor PGGM.
It will use the funds to expand its battery energy storage system (BESS) optimisation solutions and pursue M&A opportunities. The funds are an extension of its Series B1, following an initial c.€21 million, bringing the total B1 to €42 million.
Sympower has 2.7GW of flexible distributed energy assets under management across Europe including 0.5GW of BESS in the Nordics, and recently expanded to Greece.
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“The next chapter for Sympower is all about scale: strategic M&A, deeper BESS integration, and new markets,” said Simon Bushell, CEO and founder of Sympower.
Suena raises €8 million Series A
In related news, Germany-based BESS optimisation firm Suena Energy has closed its Series A funding round, raising €8 million from investors and Dutch utility and power firm Eneco.
The round was led by Eneco through its investment arm Eneco Ventures, it was joined by impact venture capital fund 4impact capital while existing investors InnoEnergy, J.O.S.S., Santander, and Energie 360° also participated. Eneco also provides its own optimisation and route-to-market (RTM) services, primarily in the Netherlands.
Suena will use the new capital expand internationally, scale its business model and expand optimisation of combined renewables and BESS projects.
“This funding round marks a strategic milestone for us, enabling us to take our business model to the next level – with strong partners at our side who share our vision”, said Lennard Wilkening, PhD, co-founder and CEO of Suena.
Wilkening wrote an article in the latest edition of our quarterly journal PV Tech Power on the need for robust forecasting and optimisation strategies, which you can read an extract of here.
The international expansion of the two BESS optimisation firms appears to be part of a broader trend. Their peer Enspired, based in Austria, recently announced plans and partnerships taking it into Greece, Spain and Poland, which CEO Jürgen Mayerhofer discussed the main drivers and reasons for with Energy-Storage.news.
