Sympower acquires Nordic flexibility tech provider Flextools
Sympower leadership team & supervisory board. Image courtesy Sympower.
Amsterdam-based Sympower, an energy flexibility services provider specialising in demand response and BESS, has acquired Flextools, a Nordic flexibility technology provider, from Norwegian energy group Å Energi.
The acquisition, their first, responds to a growing demand for advanced and mature flexibility solutions and will accelerate the company’s growth throughout Europe, says Sympower.
Through this acquisition, Sympower and Flextools will unite their industry expertise, technologies, and teams to better serve their portfolio spanning the Nordics, Greece, and the Netherlands. Sympower adds 250MW to its portfolio and 19 employees to its team.
Sympower’s platform provides demand response services to commercial and industrial businesses, enabling them to earn revenue to balance the grid by temporarily adjusting the consumption of their energy-intensive equipment.
Sympower has also recently announced the roll-out of flexibility solutions for battery energy storage systems (BESS) and is expanding its flexibility services to solar and wind companies.
Flextools’ Software-as-a-Service (SaaS) platform provides access to demand response and balancing services to energy companies and asset owners, enabling them to participate independently. Flextools’ platform can also be applied to demand-side assets, BESS, and renewables.
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Commenting in a release was Simon Bushell, CEO and founder of Sympower: “We believe that the challenges inherent to the energy transition can be tackled more effectively by strong pan-European players. Europe’s energy transition needs flexibility solutions that optimise portfolios of consumption, production and storage assets across all value streams.
“Flextools’ and Sympower’s offerings complement each other, and we are impressed by their track record in Norway and Sweden, and the significant steps they have made on BESS and renewable energy services. Not only do we inherit a strong portfolio of solutions, but also the deep industry knowledge and experience that Flextools brings. We are better equipped than ever to deliver exceptional value to our customers and partners while supporting Europe’s energy transition”.
With the acquisition, customers and partners will gain a broader, tailorable offer of secure and scalable flexibility solutions, covering consumption, storage, and renewable production assets. They will also be able to access more demand response and balancing markets quicker and choose to let Sympower handle the daily operation or do it themselves.
Sympower’s and Flextools’ teams will start working together from day one to develop synergies and ways of increasing customer value. This alignment will ensure continuity for existing customers and partners, who will already be able to benefit from the expanded solution portfolio, and strengthen the companies’ ability to deliver their solutions.
Sympower’s leadership will work closely with Flextools’ teams to integrate operations and streamline services.
“Our goal is to create a unified offering serving different customer preferences. We’re very happy to be able to bring the Flextools’ employees on board, and look forward to having our teams working together and benefiting from each other’s technology and experience,” added Bushell.
“I know Flextools is in good hands with Sympower,” affirmed Victoria Fearnley Landmark, Flextools’ CEO.
“In addition to our joint offer, we saw great synergies from the beginning in terms of values and mission, and I’m looking forward to our teams working together to deliver the best flexibility solutions on the market. We will have more capacity and investment for greater innovation and market opportunities. I’m also looking forward to expanding our footprint outside the Nordics, given what Sympower has already achieved in the Netherlands and Greece.”
Financial details of the acquisition have not been disclosed.
However, speaking to Smart Energy International over email, a spokesperson from the company commented that parts of the €21.3 million ($22.4 million) raised recently by the company were used for the acquisition.
