Sympower, a company developing solutions to balance the electricity grid, has raised €22 million (~$22.4 million) in an oversubscribed funding round led by Silicon Valley-based Activate Capital, Expon Capital, with previous investors Rubio Impact Ventures, PDENH and Rockstart also participating.

The company plans to use the new funds to serve more industrial and commercial customers across Europe, including demand-side loads, renewable energy production, electric vehicle charging, and battery storage facilities.

“Given the current uncertainty in both the financial and energy markets, we are delighted to have secured further VC investment and we welcome aboard the experienced teams of Activate and Expon. The ongoing trust and support of our current investors is also invaluable as we accelerate the expansion of our services across Europe. This will help enable the transition to a clean energy system and assist in solving short-term problems during the current EU energy crisis,” said Simon Bushell, Founder and CEO of Sympower.

Founded in 2015, Sympower operates in 9 countries, with over 750 MW of flexible distributed energy sources under management across a portfolio of more than 200 industrial and commercial customers. The company’s software solutions stabilize the grid through demand response and other flexibility services.

“Recent events in Europe highlight the importance of energy independence in an increasingly volatile market. Sympower’s elegant software solution ties distributed energy resources into complex grid operations enabling a reliable and efficient transition of Europe’s energy infrastructure. We are excited to back Simon and the team as they continue to build a pan-European offering,” said Anup Jacob, Managing Partner at Activate Capital.

According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, in Q2 2022, VC funding for Smart Grid companies increased to $419 million in eight deals compared to $312 million in 12 deals in Q1 2022. Funding amounts were 138% higher YoY compared to $176 million raised in seven deals in Q2 2021.

Singularity Energy, a SaaS platform that reports on carbon emissions for the electricity grid, recently raised $4.5 million in a seed funding round. Spero Ventures and Energy Impact Partners led the round with existing investors, Third Sphere, J Ventures, and other individual investors.