PGGM made the investment on behalf of client PFWZ, the pension fund for the Dutch health and welfare sector, which has allocated €1bn to the energy transition over the next five years.
Dutch pension fund manager PGGM has invested €19m in energy flexibility services provider Sympower on behalf of its client Pensioenfonds Zorg en Welzijn (PFWZ), the pension fund for the Dutch health and welfare sector.
The investment is part of PFWZ’s energy transition mandate set up last year under which €1bn will be allocated to startups that generate value both in financial and climate terms.
PGGM said it will take a seat on its supervisory board to boost Sympower’s corporate governance and provide guidance on its growth plans.
“We expect Sympower to contribute to good returns for the benefit of PFZW participants and enable further incorporation of renewable resources in the electricity mix,” said Tim van den Brule, investment director at PGGM Infrastructure.
PGGM’s investment in Sympower is the fifth made under PFZW’s climate and energy transition solutions mandate. Previous investments include carbon capture specialist SCW Systems, iron fuel technology startup RIFT, and Carbon Collectors, which focuses on the collection, transport, and storage of captured carbon.
€42m in funding
The commitment by PGGM brings Sympower’s Series B funding round to a total of €42m, which it plans to use for potential takeovers and mergers and to accelerate its battery energy storage rollout.
Founded in 2015, the Amsterdam-based firm manages more than 2.7 gigawatt of flexible distributed energy assets in Europe for more than 170 industrial and commercial customers active in energy-intensive industries including paper and pulp, greenhouses, data centres and wood mills.
Sympower, which is also backed by impact investors including A&G Energy Transition Tech Fund, Activate Capital, Rubio Impact Ventures, PDENH and Expon Capital, manages more than 0.5 gigawatt of battery energy storage assets in the Nordics. It recently announced it would expand some of its services in Greece.
“Having PGGM on board is a powerful vote of confidence from one of Europe’s most respected institutional investors. Their long-term, impact-driven investment approach is deeply aligned with our mission to build a more sustainable and resilient energy system,” said Simon Bushell, founder and CEO of Sympower.
