Press release: Smart energy start-up Sympower raises €1M

ClimateLaunchpad 2015 finalist ready for further international scale-up

September 25th, 2017 – Former ClimateLaunchpad Finalist Sympower raised €1M from Enfuro Ventures and Angel Investors. Smart energy start-up Sympower offers a cloud-based aggregation platform that provides cost-effective reserve services to the electricity grid. The raised capital will fund its global scale-up.

Reducing CO2 emissions
Balancing the supply and demand of electricity is more challenging than ever, partially due to the increasing amount of alternative energy like solar and wind. While those alternative sources are often cleaner and more sustainable, the output they generate is irregular and unpredictable. The Sympower software platform responds to disturbances and fluctuations in supply and demand on the electricity grid. This way overproduction is avoided and net CO2 emissions are significantly reduced.

Investment secures global scale-up
The €1M investment was raised from Enfuro Ventures and from Angel Investors. The private contributors are all experienced entrepreneurs in the energy, software and cleantech industries. One of them met Sympower at a EIT Climate-KIC event shortly after the start-up was founded. In one year’s time, the Sympower team expanded from 5 to over 20 people and grew across 4 countries. The investment now secures its scale-up in Europe and introduction into North America is expected within the next 6-12 months.

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About ClimateLaunchpad
ClimateLaunchpad is the world’s largest green business ideas competition. Its mission is to address the negative impacts of climate change by ways of innovation, invention and entrepreneurship. A green future demands thousands of innovations challenging the current business models. The competition supports aspiring and promising cleantech entrepreneurs with training, coaching and networking opportunities. ClimateLaunchpad operates on a global scale, currently in over 35 countries.

ClimateLaunchpad was established in 2014 and is part of the Entrepreneurship offerings of EIT Climate-KIC.

About EIT Climate-KIC
EIT Climate-KIC is one of the Knowledge and Innovation Communities (KICs) established in 2010 by the European Institute of Innovation and Technology (EIT), the EU body that creates sustainable economic growth in Europe, tackling the global challenges of this time.

Results EIT Climate-KIC
EIT Climate-KIC has booked impressive results since 2010. It participated in giving birth to over 400 new cleantech start-ups. These efforts produced an incredible multiplier effect. The start-ups raised over € 100 million in external funding and have strong records as job creators.

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