Solving the climate crisis by creating a more reliable energy system through demand flexibility services.
The interview below is with Simon Bushell, Founder & CEO of Sympower
From the data we show in the report, energy has been a key segment in Europe for Industrial Tech, especially this year. How does Sympower help industrial companies in this difficult moment?
The current energy crisis is affecting everyone. We’re feeling it in our homes, cities and our businesses. Fortunately, Sympower can help a lot of our customers during these hard times. Sympower helps industrial and commercial companies discover what flexible assets and processes they have. Whenever there is too much or too little energy on the grid, we adjust the energy consumption of these flexible assets to restore balance. This creates a more reliable grid for everyone. For our customers, it means that they reduce their energy costs by simply managing their energy consumption more efficiently. They’re also compensated when their assets are used to rebalance the grid, creating a reliable revenue stream for them that can offset those rising costs. Throughout the entire process, our engineers ensure that their core processes are not affected by these changes in energy consumption.
Looking further ahead, how does Sympower play a role in the transition to a clean energy future in Europe?
One of the biggest challenges that renewables face is their intermittent nature. Pair this with a growing demand for electricity, and it’s easy to see just how much pressure our energy grids are under. But the problem of renewables isn’t a supply issue. It’s a balancing issue. The grid needs to remain at around 50Hz at all times, but the intermittent nature of renewables can offset this balance. Rather than focus on managing the supply side, Sympower’s role is on the demand side. We focus on flexibility services that periodically change the consumption of electricity. Through services like battery energy storage systems (BESS) and demand response, we create an environment that accommodates for the rising demand of renewable energy. Our services reduce the need for electricity from renewables, to keep our energy grid balanced.
What are some of the key changes you need from other players in the industrial tech ecosystem (such as industrial corporates, VCs and governments) in order to reach your full potential in transforming Europe’s electricity grid?
Sympower is in the business of solving the climate crisis. Meeting our climate targets requires help from all players. Right now, flexibility services are in their infancy. From our view, the more industrial and commercial corporates adopt flexibility services into their business operations, the better. Not only does this help to create a more reliable energy system, there are benefits for these players too. In a time when energy prices are skyrocketing, flexibility services can help businesses to stay afloat. This has to be paired with strong support from our governments and political institutions. The EU is doing a lot to meet its Paris Agreement targets. A big part of that is renewable energy sources. But more ambitious policies need to be implemented to meet these 2050 climate goals. As these renewables are adopted, the demand for flexibility services is only going to grow. We hope that government bodies will recognise this, and encourage the growth of flexibility services to support the rise of renewable energy.
This is something that venture capitalists are already doing. Sympower recently secured €22 million from venture capitalists to help transform Europe's electricity grid during these critical times. Since flexibility services are still relatively new, there is a lot of room to grow. We are wanting to expand our operations to include more businesses in more countries. The more businesses are able to benefit from these services, the greater our energy security and independence grows.
