SNERPA Power raises €2.2M for energy decarbonisation

The company's innovative SaaS solutions help power-intensive industries reduce CO2 emissions and costs.
SNERPA Power raises €2.2M for energy decarbonisation

Today, an Icelandic startup, SNERPA Power, raised €2.2 million in funding to accelerate the decarbonisation of the energy sector.

SNERPA Power was founded by industry veterans Íris Baldursdóttir (CEO) and Eyrún Linnet (CTO) in 2022 with the vision of helping accelerate the world's energy transition. 

Today, Power Intensive Industries account for 37 percent of global energy use and 24% of global CO2 emissions.

With continued growth in these industries, efficiency, automation, and sustainable solutions are needed to bring CO2 emissions down and accelerate decarbonisation of the energy sector. 

The company'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 believe that through innovation, automation, and digitalisation of industrial load, there are gains to be created for the benefit of our customers and the energy system as a whole.

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.

This oversubscribed first investment round of €2.2 million was co-led by two VCs, Crowberry Capital (Iceland) and BackingMinds (Sweden); it enables the company to scale its headcount, expand internationally, and build out the commercial footprint.

Lead image: Ali Lorestani and Saga Sig

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