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We are excited to announce our recent investment in Synergi, a Finnish startup optimizing home energy assets for savings and providing flexibility to balancing markets. Leading their EUR 2 million funding round, our team is proud to support Synergi in their mission to accelerate the transition toward sustainable energy sources with smart and flexible software. In this investment round we were joined by new investor Vaens, as well as existing investors Lifeline, Heartfelt (previously APX), and Wave Ventures.
“We are thrilled to lead Synergi’s funding round. The electrification of homes is a crucial step in the green transition, and Synergi’s solution is uniquely positioned to optimize energy usage and tap into the opportunity of flexible markets,” says Ines Bergmann-Nolting, Managing Partner at Greencode Ventures.
About Synergi
Synergi is a Finnish tech company accelerating the transition toward sustainable energy sources with smart and flexible software for consumers and utilities. Their home energy management system (HEMS) enables households to optimize energy usage efficiently, providing not only cost savings but also contributing to a more stable and sustainable energy grid through flexibility offering. In other words, Synergi's platform ensures that energy consumption is optimized for both cost and efficiency, benefiting consumers, utilities and the environment alike.
The Opportunity
The market for flexibility solutions is on the cusp of significant growth, presenting substantial opportunities for companies like Synergi. The European flexibility market is valued at approximately EUR 1.5 billion and is projected to grow significantly in the coming years.
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.
Synergi is well-positioned to capture a significant share of this burgeoning market. Their innovative solutions not only address the immediate needs of high electricity prices and market volatility but also align with the broader trend towards sustainable energy practices. Synergi's expansion plans include moving beyond Finland to capture international markets. By leveraging their early successes and established partnerships, Synergi aims to replicate their model in other regions, tailoring their solutions to meet local energy needs and regulatory environments.
Their Impact
By optimizing home energy usage, Synergi not only helps consumers save on energy costs but also contributes to the broader goal of grid balancing and energy efficiency. The platform's ability to integrate with various energy assets, such as solar panels, EV chargers, and heat pumps, ensures that energy is used in the most efficient manner possible.
This optimization plays a crucial role in reducing overall energy consumption and lowering carbon emissions. As more households adopt Synergi's solutions, the cumulative effect can lead to substantial environmental benefits. Additionally, by providing consumers with greater control over their energy usage, Synergi empowers them to make more informed decisions about their energy consumption, fostering a culture of sustainability and responsibility.
The Team
The team behind Synergi is a key factor in our decision to invest. Led by Antti Hämmäinen and Harri Iisakka, the team brings a diverse set of skills and a shared vision for transforming the home energy management and flexibility market.
Antti's background in finance, economics, and sustainability, combined with Harri's expertise in business creates a strong foundation for the company's leadership. Antti's prior experience at Cooler Future in climate fintech, alongside Harri's success in leading a micro VC-fund and excelling in consulting, positions them well for growth. Their fresh eyes on the energy market and their eagerness to learn allow them to swiftly adjust to market demands. The team's balanced mix of technical and operational skills, paired with their strong execution abilities, provides a solid base for tackling the challenges ahead.
In conclusion, Synergi will encourage households and utilities to participate in the green transition using their home energy assets flexibly. As they continue to develop and expand their platform, we are confident that Synergi will play a pivotal role in transforming the energy management and flexibility landscape hence driving the green transition forward.
We are here to invest in and support startups making a difference. Get in touch: hello@greencode.vc