🇫🇮 Synergi raises €2 million to plug European homes and utilities into flexibility markets
Highlights:
- The seed funding round was led by Greencode Ventures, a pan-European, article 9, venture capital firm specializing in green transition solutions, with participation from Vaens, a Finnish family office, alongside existing investors.
- Financing will boost Synergi’s recruitment efforts and expansion into flexibility markets across the Nordics and central European countries.
Helsinki (October 8th, 2024)—Synergi, a Finnish tech company accelerating the transition toward sustainable energy sources with smart and flexible software for consumers and utilities, announces the completion of its €2M seed funding round. Greencode Ventures led the round, while Vaens joined as a new follower. Existing investors Lifeline Ventures, APX (the first-cheque investor of Porsche & Axel Springer), and Wave Ventures also participated in the round.
The EU has set targets to decarbonize its energy system through electrification and renewables adoption. Electrification will lead to a 60% increase in electricity demand by 2030, which existing grids will need help integrating. However, adopting renewable energy sources will make electricity demand increasingly unpredictable. Fortunately, customer-owned home-energy assets have opened a new possibility: household flexibility. In the form of VPPs (virtual power plants) that aggregate loads of home energy assets, consumers can be nudged and rewarded to change consumption habits and relieve the grid during peak times.
Aware of this need, Synergi launched its platform in 2023 to encourage households and utilities to participate in the green transition using their home energy assets flexibly, such as electric vehicles, heat pumps, and solar panels. To assist households in optimizing energy use during cheaper and greener periods, the company released the “Synergi app.” The app has helped thousands of European users save 50% on EV charging and 20% on heating costs annually.
“We want to help consumers and utilities benefit from providing flexibility to the grid. Previously, this was not possible. Soon, utilities can generate revenue from flexibility markets by aggregating the loads of customer-owned energy assets on the Synergi platform and providing their customers with the Synergi app as a turnkey solution, says Antti Hämmäinen, CEO & Co-founder at Synergi.”
“Energy flexibility is an untapped opportunity. Synergi´s business model has the potential to bring European consumers, utilities, and grid operators together to benefit all by balancing the grid and creating resilience for the whole system” says Ines Bergmann-Nolting, Managing Partner at Greencode Ventures.
With the funding, Synergi will make new hires in engineering, sales, and marketing and expand into flexibility markets in Nordic and central European countries.
About Synergi
Synergi is a Finnish technology company accelerating the transition toward sustainable energy sources with smart software solutions.
Synergi smart electricity platform brings households, utilities and grid operators together to help balance the grid through smart energy use and participation in flexibility markets. With the Synergi app, consumers automatically find the best times to use electricity, helping cut energy costs and earn rewards for flexible energy use.
Utilities join the platform by offering the Synergi app as a pre-packaged solution to their customers. This assists utilities in delivering a superior experience by optimizing electricity use and using customer-owned assets in flexibility markets. With Synergi, utilities can skip in-house development and focus on onboarding assets to the platform.
Synergi facilitates a unique interaction between behind-the-meter DERs, utility companies, and flexibility markets.
About Greencode Ventures
Greencode Ventures is a pan-European VC firm specializing in green transition with rapidly scaling digital solutions that create impact within this decade. Founded in 2023, Greencode focuses on Seed to Series A investments, supporting solutions that reduce emissions, save resources, and increase efficiency by using advanced technologies such as AI. These investments drive green transition across energy, mobility, industries, and the built environment. The team of this expert fund brings a proven track record of investing in and operating companies with deep expertise in energy, transport, sustainability, and digital ecosystems.
Originally published on 8 October by Synergi.
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