SnerpaPower Raises €3.4 Million to Expand AI-Powered Energy Management Across Europe

The funding includes a €3 million Seed investment led by Encevo, a major energy company in Luxembourg that is involved in the country's energy transition.

Existing investors Crowberry Capital and BackingMinds also participated in the funding round. SnerpaPower also received a €0.4 million Vöxtur grant from the Icelandic Technology Development Fund.

“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. 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,” said Íris Baldursdóttir, CEO and co-founder of SnerpaPower.

“The opportunity to optimise 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. That’s the technical challenge we’ve spent years solving. Our goal is to make sophisticated electricity optimisation simple for industrial customers, regardless of their operational complexity or electricity sourcing approach,” said Auður Vésteinsdóttir, CTO and co-founder.

“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. We believe the team is exceptionally well positioned to scale this solution across Europe,” said Martin Wienands, Venture Partner at Encevo.

SnerpaPower was founded in January 2022 by Baldursdóttir and Eyrún Linnet. The company develops AI-powered energy management software for industries that use large amounts of electricity.

As Europe's electricity system becomes more complex, companies need to manage their energy more efficiently. SnerpaPower believes that electricity is no longer just a cost but can also become an important business asset.

The company's platform uses AI to connect industrial operations with electricity contracts and energy markets in real time. This helps businesses better understand and manage their energy use.

The platform can forecast electricity demand and identify when unused energy capacity can be made available. It can also automate electricity purchasing strategies after companies have agreed on Power Purchase Agreements (PPAs) and other procurement plans.

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