1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs), particularly those focused on deep-tech innovations. The program aims to foster the development and scaling of high-impact technologies, providing funding and strategic support to enhance the competitive edge of European startups.
Funding Structure
The EIC Accelerator offers a unique funding model that combines grants and equity investments. Grants can reach up to €2.5 million, aimed primarily at covering the costs of innovation activities, such as research and development, prototyping, and market validation. This non-dilutive funding is crucial for startups looking to advance their projects without sacrificing ownership.
In addition to grants, the EIC Accelerator provides equity financing up to €15 million until 2024 and up to €10 million from 2025 onwards. This equity investment is designed to support companies as they scale, allowing them to secure necessary funding from private investors while the EIC retains a minority stake. This dual approach encourages startups to leverage public funding to attract additional private capital, essential for growth and market entry.
Purpose in the European DeepTech Ecosystem
The EIC Accelerator plays a pivotal role in the European deep-tech and startup ecosystem. By emphasizing high-risk, high-reward projects, the program addresses funding gaps that often hinder the growth of innovative technologies. It aims to create a robust pipeline of groundbreaking solutions that can address societal challenges, such as climate change and digital transformation, thereby contributing to the EU’s broader policy goals.
Support for Scaling Companies
The EIC Accelerator not only provides financial resources but also offers invaluable strategic support. This includes access to a network of investors, mentorship from industry experts, and opportunities for collaboration with other companies and research institutions. Such support is vital for startups to navigate the complexities of scaling their operations and bringing innovative products to market. The program also assists in enhancing visibility and credibility, making companies more attractive to private investors.
Case Study: Sympower B.V. and the Flex4Scale Project
Company Overview:
Sympower B.V., based in the Netherlands, specializes in demand response solutions, enabling businesses to adjust their electricity consumption in real-time to support grid stability and efficiency. The company's innovative approach aims to optimize energy usage, contributing to a cleaner and more reliable power grid.
Project Overview:
The Flex4Scale project, for which Sympower received EIC Accelerator funding, focuses on the fast and versatile real-time balancing of electricity demand flexibility. This initiative is designed to shape a clean and leveled power grid across Europe. By leveraging advanced algorithms and data analytics, Sympower aims to enhance the ability of consumers and businesses to respond to fluctuations in electricity supply and demand, thus facilitating a more sustainable energy ecosystem.
Technology Background:
The technology underpinning Flex4Scale involves sophisticated demand response strategies that allow real-time adjustments to electricity consumption patterns. By integrating artificial intelligence and machine learning, Sympower’s system can predict and respond to grid conditions, optimizing energy usage while minimizing costs for consumers. This capability not only supports grid stability but also encourages the adoption of renewable energy sources by making it easier to balance supply and demand.
Sympower’s approach is characterized by its versatility and speed, enabling users to participate in various market mechanisms, such as frequency regulation and peak shaving. This flexibility is critical in managing the intermittent nature of renewable energy sources, such as wind and solar power, which are increasingly becoming the backbone of Europe’s energy strategy.
In conclusion, the EIC Accelerator plays a vital role in supporting innovative companies like Sympower B.V. through its unique funding structure and strategic support. By fostering projects like Flex4Scale, the program contributes to the advancement of a sustainable energy future in Europe, aligning with broader environmental and economic goals.
2 The Funding Rounds
Sympower B.V. (Netherlands): Funding and Financing Overview Since October 2021
Sympower B.V., a Dutch provider of demand response and energy flexibility solutions, has experienced significant growth in funding and strategic expansion since submitting its successful EIC Accelerator proposal in October 2021.
Financing Raised & Funding Rounds
- Total Capital Raised: Sympower has raised over $61 million (~€57 million) across multiple funding rounds as of April 2025.
- Series B Round: In mid-July 2022, Sympower closed a €22 million Series B round led by five VC funds: Activate Capital (lead), Rubio Impact Ventures, PDENH, Expon Capital, and Rockstart. This round supported the company's rapid European expansion.
- Series B Extension: In November 2022, an additional €3 million was raised from Activate Capital, Rubio Impact Ventures, and PDENH to further accelerate growth across key European markets such as Italy, Greece, Poland, Hungary, and the Czech Republic. The total Series B financing thus reached €25 million.
- Series B1 Round (Latest): On November 13–December 10th, 2024 (variously reported), Sympower announced an oversubscribed Series B1 round of €21.3 million ($23M). The round was led by A&G Energy Transition Tech Fund (A&G ETTF), with direct investment from the European Investment Fund (EIF) and participation from existing investors including Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital.
Timing & Amounts of Major Funding Rounds
| Date | Round | Amount Raised | Lead Investor(s) |
|---|---|---|---|
| July 2022 | Series B | €22M | Activate Capital |
| Nov 21st/Nov–Dec '22 | Series B Ext. | +€3M | Activate/Rubio/PDENH |
| Nov–Dec '24 | Series B1 | €21.3M ($23M) | A&G ETTF; EIF |
Investor Information
Key investors across these rounds include: - A&G Energy Transition Tech Fund (A&G ETTF) – Led the latest (€21.3M) round.
- European Investment Fund (EIF) – Participated directly in the most recent financing.
- Activate Capital – Lead investor for earlier rounds; also invested in extensions.
- Rubio Impact Ventures
- PDENH
- Expon Capital
New supervisory board appointments were made following recent investments: Jesús Lozano Lopez (A&G) joined alongside Tim Healy (former EnerNOC CEO).
Valuation Information
While specific post-money valuations are not publicly disclosed for each round as of April 2025, consistent oversubscription—especially in the latest rounds—reflects strong investor confidence amid rapid commercial traction across Europe.
Exit Events: IPOs or Acquisitions
As of April 23rd 2025:
The company remains privately held but is scaling rapidly with continued VC/institutional support to fuel expansion into new markets such as battery energy storage systems.
Summary Table
| Year | Event/Funding Type | Investors / Participants | Amount |
|---|---|---|---|
| July–Nov '22 | Series B (+Extension) | Activate Cap., Rubio Imp., PDENH et al | €25M |
| Nov–Dec '24 | Series B1 | A&G ETTF; EIF; existing VCs | €21.3M |
No exit events have been recorded up to April 2025.
Sources:
- Sympower raises €21.3m in oversubscribed funding
- Sympower raises multi-million Series B
- Sympower tops up Series B financing to €25m
- Amsterdam-based Sympower raises €21.3m
- Sympower Raises $23 Million to Accelerate Grid Flexibility Solutions
- CB Insights Company Profile: Funding History
- Dealroom.co profile on Sympower: Funding & Investors
3 The Press Releases
Overview of Sympower B.V.
Sympower B.V., based in the Netherlands, is a pioneering company specializing in AI-powered solutions for optimizing energy efficiency and maximizing revenue through demand response, battery storage, and grid management. Since receiving EIC Accelerator funding in October 2021, the company has achieved significant milestones in expanding its reach and enhancing its technological capabilities.Partnerships and Acquisitions
- Flextools Acquisition: Sympower acquired Flextools, a Nordic flexibility technology provider, to strengthen its position in the Nordics, Greece, and the Netherlands. This acquisition added 250 MW to Sympower's portfolio and brought in 19 new employees, enhancing its flexibility solutions across consumption, storage, and renewable production assets.
- AEB Partnership: Sympower partnered with AEB to develop an AI-based smart energy platform called HeatFlex.ai. This platform optimizes the dispatch of electricity, heat, and steam for efficient and sustainable energy use.
Technology Advancements
- Databricks Integration: Sympower utilizes the Databricks Platform to enhance grid stability through advanced forecasting and data analytics. This integration streamlines operational processes, scales forecasting models, and improves data governance and analytics capabilities.
- AI and AI-driven Analytics: The company is exploring further integration of AI-driven analytics to enhance predictive capabilities and support its mission in the energy transition.
Funding and Expansion
- Series B1 Funding: Sympower raised €21.3 million in an oversubscribed funding round to accelerate European expansion, develop battery storage solutions, and support future mergers and acquisitions. This funding aligns with the increasing demand for energy flexibility solutions across Europe.
- Geographic Expansion: With the new funding, Sympower aims to expand into new European markets promoting clean energy technologies and increase its presence in existing markets like Finland, Sweden, and the Netherlands.
Team Updates
- EIC Scaling Club Network: Sympower was selected to join the EIC Scaling Club Network as one of Europe's highest-potential deep tech scale-ups, reflecting its growth potential and impact in the energy sector.
- Leadership and Founders: The company was founded by Simon Bushell and Georg Rute and has grown to employ 200 people across over 10 countries.
Other Updates
Sources
- Sympower News
- Sympower Articles
- Sympower Overview
- Sympower Raises Multi-Million Series B Round
- Dutch Startup Sympower Secures €21M
- AEB and Sympower to Jointly Develop an AI-based Smart Energy Platform
- Sympower Leveraging Databricks
- Sympower Raises $23 Million
- Sympower Acquires Flextools
4 The Technology Advancements
Overview of Sympower B.V.
Sympower B.V., based in the Netherlands, specializes in demand response and flexibility solutions for businesses across Europe. The company optimizes energy usage, enables revenue generation for businesses, and supports grid stability through its innovative technologies.Advancements Since EIC Accelerator Funding
Sympower received €2.3 million from the EIC Accelerator in October 2021 to enhance its flexibility services across Europe. This funding supported the development of the "Flex4Scale" project, aimed at increasing adaptability capabilities for various markets and expanding services to smaller assets, enhancing grid flexibility and customer insights.Technology Improvements
Since receiving the EIC funding, Sympower has continued to improve its technology by integrating more advanced flexibility solutions. The company's focus on expanding battery energy storage solutions and enhancing trading capabilities has been a significant technological advancement. Sympower's software manages a wide range of electrical assets, supporting the electricity system by balancing supply and demand, especially with the integration of renewable energy sources like solar and wind.Market Demonstrations and Partnerships
Sympower has demonstrated its technology through partnerships with major European energy companies. The renewed partnership with Vattenfall, for instance, highlights Sympower's role in providing grid-balancing services and demand-side response solutions, contributing to a cleaner energy system. Additionally, Sympower has expanded its services across European markets, including the Nordic countries, where it acquired FlexTools to strengthen its market position.New Patents and Scientific Studies
There is no specific information available regarding new patents filed or scientific studies published by Sympower B.V. since receiving the EIC Accelerator funding. However, the company's advancements in energy flexibility services and grid management technologies reflect its commitment to innovative solutions for the European energy transition.Conclusion
Sympower B.V. has made significant strides in enhancing its energy flexibility solutions and expanding its European market presence since receiving the EIC Accelerator funding in 2021. The company's technological improvements and strategic partnerships have positioned it as a leader in demand response and grid management services.Sources
- Sympower
- About Us - Sympower
- News - Sympower
- Sympower Raises $23 Million to Accelerate Energy Grid Flexibility Solutions
- Sympower raises multi-million Series B round to strengthen its role
- Sympower Secures €2.3 Million from the EIC Accelerator
- Sympower and Vattenfall renew partnership to provide Northern Europe with grid-balancing services
- Sympower acquires FlexTools and strengthens leading position in the Nordics
5 The Partnerships and Customers
Sympower B.V.: Partnerships and Developments
Sympower B.V., based in the Netherlands, is a leading company in providing demand response and flexibility solutions for businesses across Europe. Since receiving funding from the EIC Accelerator in October 2021, Sympower has significantly expanded its partnerships and services.
Partnerships and Customers
Sympower has established strong partnerships with major entities in the energy sector:
- Vattenfall: Sympower extended its partnership with Vattenfall for another three years, providing grid-balancing services in the Swedish market and expanding into countries like Denmark.
- Optimus Energy: The partnership with Optimus Energy in Greece contributes over 230 MW of flexible energy resources to the balancing market.
- Phoebus: Collaborating to reduce demand peaks in Israel.
- AEB: Jointly developing an AI-based smart energy platform for heat, steam, and electricity.
New Partners and Customers
- Optimus Energy is a recent significant partner, enhancing Sympower's presence in Greece's balancing markets.
- Although specific new customer names are not detailed, Sympower's partnerships aim to onboard additional industrial and commercial customers, leveraging its demand response platform.
Nature of New Relationships
These partnerships focus on integrating Sympower's advanced demand response technologies to enhance grid stability and support the transition to renewable energy sources. The collaborations enable businesses to manage energy consumption more efficiently and generate additional revenue streams by participating in demand response markets.
Market Positioning
Sympower's strategic partnerships position it as a leader in the European energy flexibility market. By expanding its services and geographic reach, Sympower strengthens its role in supporting a net-zero economy through smart grid technologies.
Technology Advancements and Scaling
Sympower's receipt of €2.3 million from the EIC Accelerator has supported the scaling up of its demand response platform through the Flex4Scale project. This project enhances the platform's adaptability to future market needs, allowing for more efficient integration of flexible energy resources and access to new markets. Recent funding of €21.3 million will further accelerate Sympower's expansion into battery energy storage and strategic acquisitions, reinforcing its technological capabilities and market presence.
Sources
- Sympower
- News - Sympower
- Unlock a world of possibilities: partner with us for a sustainable future
- About Us - Sympower
- Sympower and Vattenfall renew partnership to provide Northern Europe with grid-balancing services
- Optimus Energy and Sympower Bring Over 230 MW to Greece's Balancing Market
- Smart Energy Solutions: scaling-up Sympower’s platform with the Flex4Scale project
- Sympower - Enfuro Ventures
- Amsterdam-based Sympower raises €21.3 million to foster renewable energy integration
6 The Hiring and Company Growth
Overview of Sympower B.V.
Sympower B.V., based in the Netherlands, is a leading provider of demand response and flexibility solutions, helping businesses optimize their energy usage and support the energy transition across Europe. Since receiving the EIC Accelerator funding in October 2021, Sympower has continued to grow significantly.
Team Growth and Current Headcount
As of November 2024, Sympower employs over 200 employees across ten European countries. This significant growth reflects the company's expanding presence and role in the energy transition.
Hiring and Team Dynamics
Sympower is actively expanding its team to support its mission of making the energy transition profitable for businesses. While specific current hiring opportunities are not detailed, the company's growth indicates ongoing recruitment efforts to scale its operations.
Key Positions and Recent Hires
There is no specific information available on the key positions recently hired by Sympower. However, the company's expansion into new markets and technologies, such as battery energy storage solutions, suggests that technical and strategic roles are likely being filled to support these initiatives.
Impact of New Team Members on Company Growth
The addition of new team members is crucial for Sympower's continued growth and ability to scale its services across Europe. These hires enable the company to expand its technological capabilities, enhance its market presence, and further its mission to support a sustainable energy system.
Changes in Management or Founding Team
Following its recent funding round, Sympower expanded its Supervisory Board with new members, including Jesús Lozano Lopez from A&G and Tim Healy, former Chairman and CEO of EnerNOC. This addition reflects the company's commitment to strategic leadership and growth.
Growth and Funding
Sympower has secured significant funding in recent years. In November 2024, the company raised €21.3 million in an oversubscribed funding round led by A&G Energy Transition Tech Fund, with participation from existing investors. This investment is aimed at accelerating the energy transition by expanding Sympower's battery energy storage solutions and further establishing its market position.
Conclusion
Sympower B.V. has experienced substantial growth since receiving the EIC Accelerator funding, driven by its commitment to supporting Europe's energy transition. The company's expanding team and strategic investments position it well for continued success in the energy flexibility sector.
Sources: - About Us - Sympower
- Sympower company information, funding & investors | Dealroom.co
- Sympower
- Sympower raises €21.3 million to accelerate energy transition
- Sympower Company Overview, Contact Details & Competitors
- Amsterdam's Sympower raises €21.3M in an oversubscribed Series B1 funding round
- 5.2 million raised by Sympower, PDENH co-invests
7 The Media Features and Publications
Overview of Sympower B.V.
Sympower B.V., an Amsterdam-based company, is a leading provider of flexibility solutions for the energy grid. Since winning the EIC Accelerator funding in October 2021, Sympower has continued to grow and expand its services across Europe.
Media Features and Publications
Sympower has been featured in various media outlets and publications, highlighting its role in the energy transition. The company has been mentioned in articles discussing its innovative demand-response solutions and its contribution to a fully renewable future. Additionally, Sympower's CEO, Simon Bushell, has been interviewed in podcasts like the "Leaders in Cleantech" series, where he shares insights on a carbon-free future and electric mobility.
Podcasts and Interviews
Simon Bushell has participated in several interviews and podcasts, including the "Leaders in Cleantech" podcast. In these appearances, he discusses Sympower's vision for a carbon-free future and the importance of grid flexibility in achieving this goal.
Conference and Fair Participations
Sympower has actively participated in industry conferences and fairs. For instance, the company met with industry leaders at Enlit 2022, discussing the significance of demand-side flexibility for the energy transition. These interactions have helped Sympower build partnerships and educate the public about the importance of its services.
Event Involvement
Sympower's involvement in events like Enlit 2022 demonstrates its commitment to networking and industry collaboration. By engaging with other leaders in the field, Sympower aims to inspire bolder actions toward meeting collective climate goals.
Funding and Growth
Since receiving the EIC Accelerator funding, Sympower has secured additional investments. Notably, the company raised €21.3 million in a funding round to further expand its services into battery energy storage systems and enhance its energy trading capabilities for industrial companies and renewable energy producers. This strategic expansion underscores Sympower's pivotal role in fostering renewable energy integration across Europe.
Expansion and Services
Sympower's services include demand response, battery storage, and grid flexibility solutions. The company has established operations in multiple European countries and boasts a signed capacity of nearly two gigawatts across its projects. This growth reflects the increasing demand for mature energy flexibility solutions as Europe transitions towards renewable energy sources.
Sources
- Sympower News
- Sympower Articles
- Sympower Website
- Sympower Raises Multi-Million Series B Round
- Sympower: Leading the way in grid flexibility
- Sympower Featured in “Leaders in Cleantech” Podcast Episode
- The Smarter E Europe
- Fastned 2024 Annual Report
- Amsterdam-based Sympower raises €21.3 million
- Sympower Meets with Industry Leaders At Enlit 2022
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