Reykjavik-based SnerpaPower raises €3.4 million to help energy-intensive industries optimise electricity use
Reykjavik-based DeepTech company SnerpaPower has raised €3.4 million to support its expansion across Europe. The company develops energy management software for industries that use large amounts of electricity.
The funding includes a €3 million Seed round led by Encevo, a Luxembourg-based energy company focused on the country’s energy transition. Existing investors Crowberry Capital and BackingMinds also participated in the round. SnerpaPower also received a €0.4 million Vöxtur grant from the Icelandic Technology Development Fund.
“Power-intensive industries can no longer treat electricity as a fixed operating cost. Companies that can adapt to changing market and grid conditions gain a significant competitive advantage. We’re proud of the trust our customers place in us to manage more than 10 TWh of annual industrial electricity consumption. This investment allows us to bring that capability to many more industrial companies across Europe,” said Íris Baldursdóttir, CEO and co-founder of SnerpaPower.
Founded in January 2022 by Baldursdóttir and Eyrún Linnet, SnerpaPower develops AI-powered energy management software for industries that use large amounts of electricity.
The company says Europe’s electricity market is becoming more complex and dynamic, making smart energy management increasingly important for power-intensive businesses. Instead of treating electricity only as a cost, companies can manage it as an operational asset that can be planned, optimised and, when possible, used to generate additional revenue.
SnerpaPower’s AI-powered platform connects industrial operations with electricity contracts and energy markets in real time. It helps businesses forecast their energy needs, identify when they can safely adjust electricity use, and automate energy purchasing strategies based on Power Purchase Agreements (PPAs) and other procurement plans.
According to the company, this helps customers lower energy costs, improve planning and generate additional revenue from flexible electricity use without affecting production. SnerpaPower works with customers such as aluminium and metal producers, data centres and power-to-X facilities across the Nordic region.
“The opportunity to optimise electricity in industrial operations is significant, but every operational constraint has to be respected while reacting to changing electricity markets and contractual conditions in real time. That’s the technical challenge we’ve spent years solving. Our goal is to make sophisticated electricity optimisation simple for industrial customers, regardless of their operational complexity or electricity sourcing approach,” said Auður Vésteinsdóttir, CTO and co-founder.
SnerpaPower says its platform is already deployed at around 15 industrial sites across the Nordic region and manages more than 10 TWh of industrial electricity consumption each year.
“The energy transition requires investment not only in renewable energy and infrastructure, but also in digital innovation. SnerpaPower combines deep industrial expertise with technology that helps large electricity consumers reduce costs while creating a more flexible energy system. We believe the team is exceptionally well positioned to scale this solution across Europe,” said Martin Wienands, Venture Partner at Encevo.
The Icelandic company plans to use the new funding to expand into more European markets and further improve its forecasting, automation and energy market integration capabilities. In 2023, SnerpaPower raised €2.2 million in a funding round co-led by Crowberry Capital and BackingMinds.