SnerpaPower has landed €3.4 million in fresh capital, with Encevo, a Luxembourg-based energy utility generating over €3 billion annually, spearheading the funding round. The investment will fuel the company's push to scale its electricity optimization platform throughout Europe.
The startup's software currently manages more than 1% of all industrial electricity consumption across the EU. Founded in January 2022 by Íris Baldursdóttir and Eyrún Linnet—both seasoned professionals from Iceland's energy sector—SnerpaPower emerged from a straightforward insight: nearly all of Iceland's power comes from renewable sources, yet Europe's industrial operators lacked tools to manage electricity consumption in real time rather than treating it as a static operational expense.
The €3 million seed component of this round was led by Encevo, with existing backers Crowberry Capital and BackingMinds participating once again. The package also includes a €400,000 grant from Iceland's Technology Development Fund, administered through Vöxtur. This marks SnerpaPower's second major funding milestone, following a €2.2 million seed round completed in 2023 that was similarly co-led by Crowberry and BackingMinds.
From grid management to grid intelligence
Baldursdóttir previously worked as a system operator at Landsnet, Iceland's transmission authority, while Linnet held responsibility for power systems at Rio Tinto's aluminium smelter in Iceland. Their combined expertise shaped SnerpaPower's approach: connecting factory operations directly to electricity markets and contracts, then using forecasting to automatically shift consumption patterns and capture savings or flexibility payments without disrupting production.
Consider an aluminium smelter or data centre: the platform can trigger minor adjustments to non-critical electricity loads during peak-price windows, holding off consumption for minutes or hours to reduce costs automatically, with no human intervention required.
power-intensive industries can no longer regard electricity as a fixed operating cost since those companies which are able to adapt to changing market and grid conditions obtain a significant competitive advantage.
Íris Baldursdóttir, chief executive and co-founder
A commanding foothold in industrial energy
SnerpaPower's platform oversees roughly 10 TWh of industrial electricity annually across approximately 15 Nordic locations—a volume exceeding 1% of the EU's total industrial power consumption. Before this funding round closed, the company already operated one of the largest actively optimized industrial electricity portfolios in the Nordic region.
The competitive landscape includes GridBeyond, a Dublin-based firm that has raised more than €100 million and manages distributed energy resources spanning storage, generation, and industrial applications. London's Piclo operates an independent flexibility marketplace with over $100 million in contracts across the UK, Europe, Australia, and the US. Yet SnerpaPower's differentiation lies in its singular focus: serving only large industrial electricity consumers and helping them optimize consumption while respecting operational constraints.
Martin Wienands, venture partner at Encevo, emphasized the broader context: "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."
Jenny Ruth Hrafnsdóttir, founding partner of Crowberry Capital, stated: "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."
Sara Wimmerkranz, founding partner of BackingMinds, added: "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 Íris, Auður, and their team."
Source: Tech Funding News
