Icelandic deep-tech SnerpaPower secures €3.4 million to accelerate its European expansion

SnerpaPower, an Icelandic deep-tech company developing energy management software for power-intensive industries, has secured €3.4 million to accelerate its European expansion. The funding includes €3 million seed investment led by Encevo, a regional leader and a key player in Luxembourg’s energy transition, generating over €3 billion in turnover, with continued participation from existing investors, Crowberry Capital and BackingMinds, alongside a €0.4 million Vöxtur grant from the Icelandic Technology Development Fund.

As Europe's electricity system becomes more dynamic, the ability to manage electricity intelligently is becoming a competitive advantage for power-intensive industries. 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 helps industrial companies do exactly that. Its AI-powered platform connects industrial operations with electricity contracts and markets in real time, helping customers forecast demand, predict when flexibility can safely be 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 optimise electricity as a strategic operational asset, reduce total power costs while creating new revenue opportunities without disrupting production.

Already deployed across approximately 15 Nordic industrial sites, SnerpaPower’s platform manages more than 10 TWh of industrial consumption annually, equivalent to more than 1% of all electricity consumed by EU industry. This places SnerpaPower among the largest portfolios of industrial electricity demand under active optimisation in the Nordic region

The new funding will support expansion into additional European markets and continued development of the company's forecasting, automation and market-integration capabilities.

“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,” says Íris Baldursdóttir, CEO and Co-founder of SnerpaPower. “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.”

"The opportunity to optimize 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," says Auður Vésteinsdóttir, CTO and Co-founder. "That's the technical challenge we've spent years solving. Our goal is to make sophisticated electricity optimization simple for industrial customers, regardless of their operational complexity or electricity sourcing approach."

“The energy transition requires investment not only in renewable energy and infrastructure, but also in digital innovation,” says Martin Wienands, Venture Partner at Encevo. “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.”

“The team at SnerpaPower has leveraged their profound understanding of power markets to accelerate the global energy transition. Their technical mastery and vision for a sustainable future make SnerpaPower a cornerstone of our portfolio.” says Jenny Ruth Hrafnsdóttir, Founding Partner of Crowberry Capital

“Electricity is becoming the most strategic resource and as electricity markets grow more complex, industrial companies will compete on how intelligently they manage electricity. Since we first invested, SnerpaPower has proven to be leading this emerging category, so we are thrilled to keep on backing Iris, Auður and their team.” says Sara Wimmerkranz, Founding Partner of BackingMinds.

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