As more wind and solar power enters the grid, operators need ways to balance supply and demand second by second. Sympower, an Amsterdam company, aggregates industrial electricity users, such as greenhouses, cold stores and factories, and increasingly batteries, and bids their ability to raise or cut consumption into grid balancing markets.
The European Innovation Council granted €2,306,574 towards a €3.30 million project, Flex4Scale, to rebuild its platform so it can enter new markets faster. In December 2024 Sympower raised €21.3 million and reported more than 2 GW of flexible resources in ten countries; in June 2026 the pension investor PGGM invested €19 million, bringing the round to €42 million and the managed portfolio to 2.7 GW.
Company file
- Legal entity
- Sympower B.V., Amsterdam, Netherlands
- CEO
- Simon Bushell
- Business
- Demand response and battery optimisation for grid balancing markets
- Markets
- Ten European countries incl. Nordics, Netherlands, Greece
- Partners
- Vattenfall; acquired Flextools (2024)
- Investors
- A&G Energy Transition Tech Fund, PGGM, EIF, Activate Capital, Rubio, PDENH, Expon
- EIC project
- Flex4Scale, 1 May 2022 to 30 Apr 2024, closed
- EIC funding
- Grant first
Where Sympower Stands Today
PGGM invested on behalf of the Dutch healthcare pension fund PFZW and joined Sympower's supervisory board. Sympower said the money would fund its battery optimisation offer and acquisitions. It manages 2.7 GW of distributed energy assets, including 0.5 GW of battery storage in the Nordics, has renewed a partnership with Vattenfall, expanded into Greece and, in December 2024, acquired the Nordic flexibility company Flextools.
The Technology: Flexibility as a Service
Sympower's software connects to customers' equipment and adjusts its consumption when balancing markets call for it. Flex4Scale made the platform modular so new balancing markets can be added faster. In Sympower's summary of the project, two Finnish greenhouses and a Swedish cold store, Constellation Cold Logistics, which offered "just under 1MW of flexibility", entered the Nordic FCR-D reserve markets.
"This strategic investment allows us to unlock the next phase of our BESS vision and unlock new acquisition opportunities."
Simon Bushell, CEO, Sympower, June 2026What the EIC Project Promised, and What CORDIS Shows
Flex4Scale promised "fast and versatile real-time balancing of electricity demand flexibility" across Europe. CORDIS lists the project as closed, and the company's summary describes a rebuilt, modular platform and pilots in new Nordic markets. The growth since, from pilots measured in megawatts to a portfolio of gigawatts, is visible in the company's funding announcements.
- A scalable platformDeliveredModular rebuild.
- New marketsDeliveredNordic FCR-D; later Greece.
- European scaleDelivered2.7 GW in ten countries.
- Follow-on capitalDelivered€42M Series B.
What Has Happened Since the Award
The Money
The December 2024 round of €21.3 million was led by the A&G Energy Transition Tech Fund, with the European Investment Fund, Activate Capital, Rubio Impact Ventures, PDENH and Expon Capital. PGGM's €19 million in June 2026 extended it to €42 million. The EIC award was "grant first"; we found no EIC Fund investment. Sympower's revenue is not public.
What cannot be checked
Sympower's revenue and profitability, how much of the 2.7 GW is actively traded, and what customers earn are not public.
Why Europe Should Care
Balancing a grid with more renewable power needs flexibility, and Sympower draws it from existing industrial demand and batteries. It operates across ten countries, now backed by a Dutch pension fund as well as the EU's own investment fund, the EIF.
What the project promised
Fast, versatile real-time balancing with demand flexibility across Europe.
What the record shows
A rebuilt platform, 2.7 GW managed in ten countries and €42M raised.
The Verdict
Scaled as promised
Flex4Scale's goal was to make Sympower's platform ready for more markets, and the company has since expanded across Europe, into batteries and through an acquisition, with large institutional investors. The missing piece is financial transparency.
Sympower has not been asked for comment for this article. It is based entirely on company statements and EU project data, linked throughout.
