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. It gains access to some of their energy assets and can turn them on and off when the grid requires balancing a process called demand response.Sympowers software platform uses AI to analyse data and optimise when and how much power businesses can sell at any given time, making energy use adjustments more effective and profitable for all parties.Grid operators pay Sympower to stabilise the energy supply. The company passes most of that payment to participating businesses, keeping a small service fee.The of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!The system gives energy-intensive companies an incentive to stop using electricity during times of peak demand. The more energy they save, the more money they make. The idea is to help prevent blackouts and the strain on the grid.Electricity infrastructure around the world is struggling to adapt to the influx of renewable energies like wind and solar because unlike the gas and coal that came before they produce power intermittently.The EU has identified demand 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 that demand for grid flexibility is surging.Founded by Simon Bushnell and Georg Rute in 2015, who studied together at Imperial College London, Sympower is a first-mover in this relatively niche industry. 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.Sympower has grown tremendously in recent years, which aligns with the unprecedented demand across Europe for diversified and mature energy flexibility solutions, said Bushell, the companys CEO and co-founder.A&G Energy Transition Tech Fund (A&G ETTF) led the funding round, with direct investment from the European Investment Fund (EIF) and participation from existing investors Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital.Armed with fresh funding, the company aims to continue expanding throughout Europe, with the intent to acquire competitors in the near future. It is also expanding into the battery storage business to complement its demand response software. Story by Sin Geschwindt Sin is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecos (show all) Sin is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecosystem. He's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. Sin has five years journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. Get the TNW newsletterGet the most important tech news in your inbox each week.Also tagged with