Icelandic SnerpaPower secures €3.4M to expand electricity management platform in Europe

Icelandic energy software company SnerpaPower has raised €3.4 million in funding, including a €3 million seed round led by Encevo, with participation from existing investors Crowberry Capital and BackingMinds, as well as a €400,000 grant from the Icelandic Technology Development Fund. The company develops software for power-intensive industries that uses AI to forecast electricity demand, automate scheduling and help customers manage electricity procurement and flexibility markets. The new funding will support the company’s expansion into additional European markets and further development of its forecasting, automation and market-integration technology. SnerpaPower develops software for managing electricity consumption in power-intensive industries. Its platform uses AI to forecast demand, schedule electricity use and connect industrial operations with electricity procurement and flexibility markets. The company works with industries including metals and aluminium production, data centres and power-to-X facilities, with deployments across Nordic markets. “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.” 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. “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.” 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. “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.” 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 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. The new funding will support expansion into additional European markets and continued development of the company’s forecasting, automation and market-integration capabilities. “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 Wimmercranz, Founding Partner of BackingMinds. Click to read more funding news.