SnerpaPower, a Reykjavik-based DeepTech company developing energy management software for power-intensive industries, has secured €3.4 million to accelerate its European expansion.
The funding includes a €3 million Seed investment led by Encevo, a regional leader and a key player in Luxembourg’s energy transition, with continued participation from existing investors, Crowberry Capital and BackingMinds, alongside 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 power-intensive industries.
The company states that as Europe’s electricity system becomes more dynamic, the ability to manage electricity intelligently is becoming a competitive advantage for power-intensive industries. It notes that electricity is no longer simply a utility cost to control; it is an operational asset that can be planned, optimised and, where flexibility exists, turned into a new source of revenue.
SnerpaPower claims to help industrial companies do exactly that. Its AI-powered platform connects industrial operations with electricity contracts and markets in real time. This helps customers forecast demand, predict when flexibility can be safely made available, and automate the execution of electricity sourcing strategies once Power Purchase Agreements (PPAs) and procurement strategies are in place.
This enables customers to reduce costs, improve planning accuracy and generate additional revenue from flexible electricity use without compromising production. SnerpaPower works with customers including aluminium and metals 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.
The company reported that it has already deployed across approximately 15 Nordic industrial sites, and its platform manages more than 10 TWh of industrial consumption annually.
“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 this capital to support expansion into additional European markets and to continue developing the company’s forecasting, automation, and market-integration capabilities. In 2023, the company announced that it had raised €2.2 million co-led by Crowberry Capital and BackingMinds.
Source: EU-Startups
