Icelandic startup raises €2.2 million to accelerate energy sector decarbonisation

The funding will enable SNERPA Power to scale its headcount, expand internationally, and build out the commercial footprint.

SNERPA Power’s energy SaaS solutions help the biggest metal producers, data centres, and hydrogen producers (i.e. power-intensive industries) minimise their electricity costs and maximise their contribution to a sustainable electricity system. Its Energy Management System enables companies to leverage real-time data for improved and automated decision-making around electricity consumption, scheduling, contract management and providing flexibility to the grid. 

By being present in flexible markets through the software, industries can safely and profitably contribute to grid balancing and stabilisation without jeopardising their core operations. It also leads to new revenue streams, increased competitiveness, and cost savings.

According to Íris Baldursdóttir, CEO of SNERPA Power: “Power Intensive Industries recognise that energy efficiency and sustainable energy usage are pivotal in maintaining competitiveness within today’s rapidly evolving energy landscape. 

Ambitious industries want to be a part of the net-zero energy system, and the energy system needs them to participate actively.

However, new tools and solutions are urgently needed to solve complex challenges and make it attractive and profitable for industries to take part. That’s what Snerpa Power is all about, and there are substantial savings for industries to be made.”

“We partner up with power-intensive users to find the optimal solution adapted to their load characteristics and, of course, the trends in the electricity market”, says Eyrún Linnet, CTO of SNERPA Power.

The oversubscribed first investment round of €2.2 million was co-led by two VCs, Crowberry Capital (Iceland) and BackingMinds (Sweden).

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