🇮🇸 SnerpaPower secures €3.4 million to help the largest electricity users turn electricity into a competitive advantage

August 19, 2026

Reykjavík, Iceland: 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.

Founder perspective

“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.”

Investor perspective

“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.

About SnerpaPower

SnerpaPower is a Nordic deep-tech company developing AI-powered energy management software for power-intensive industries.

Founded in Iceland – where some of the world’s largest energy-intensive industries operate alongside a fully renewable electricity system – SnerpaPower developed its technology in close collaboration with industrial customers facing complex electricity planning and market challenges.

Its platform helps industrial companies forecast electricity demand, automate electricity scheduling and participate in short-term electricity and flexibility markets. By connecting operational data with electricity markets, SnerpaPower 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.

For more information, visit www.snerpapower.com.

About Encevo

The Encevo Group (www.encevo.eu) is a leading partner for the sustainable energy transition in Luxembourg and the Greater Region. Active across the energy value chain – including renewable energy generation, supply, transport, distribution, storage and energy services. Encevo serves customers in Luxembourg, Germany, France, Belgium and the Netherlands.

To accelerate innovation and support the development of solutions that contribute to the energy transition, Encevo invests in promising start-ups through its corporate venture capital activities. It also fosters collaboration between portfolio companies and relevant group entities to help bring innovative solutions to market.

Media contact

Íris Baldursdóttir
CEO and Co-founder, SnerpaPower
iris@snerpapower.com
+354 856 9312
LinkedIn: Íris Baldursdóttir

Originally published on August 19, 2026 by SnerpaPower.