HomeFundingReykjavik-based SNERPA Power snaps €2.2 million to provide electrical grid flexibility by...

Reykjavik-based SNERPA Power snaps €2.2 million to provide electrical grid flexibility by leveraging real-time data

As power power-intensive industries account for 37% of global energy use and 24% of global CO2 emissions, the need for efficient, automated and sustainable solutions has become imperative to lower CO2 emissions and balance the energy grid. 

in that scenario, Icelandic startup SNERPA Power announced it has raised €2.2 million co-led by Crowberry Capital and BackingMinds. The fresh capital will be used for international expansion and further product development. 

Industry veterans Íris Baldursdóttir (CEO) and Eyrún Linnet (CTO) founded SNERPA Power in 2022 with the vision of helping accelerate the world’s energy transition. The energy balancing markets stand at a total of around €70 billion (2020) worldwide and the need for flexibility services is expected to grow tenfold in this decade alone. According to the founders, SNERPA Power can unlock the full potential of the power-intensive industry, such as metal producers, data centres, hydrogen producers, leading to new revenue streams, increased competitiveness, and cost savings.

“Power Intensive Industries recognize 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 actively participate. 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,” said Íris Baldursdóttir, CEO of SNERPA Power.

SNERPA Power´s 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 flexibility markets through the software, industries can safely and in a profitable way contribute to grid balancing and stabilisation without jeopardising their core operations.

“I was so lucky to learn before Snerpa Power was established what Iris and Eyrun were brewing. Without any hesitation I encouraged them to focus fully on establishing Snerpa Power knowing that their strong customer value proposition is built on a long standing industry experience,” commented Jenny Ruth Hrafnsdottir, Founding Partner of Crowberry Capital

“We’ve been looking at investing in the broader Energy space for a while and when we met the co-founders of SNERPA Power, Iris and Eyrun, we were instantly fascinated by their unique insight and combined +40 years of industry experience. Therefore’ it was a no-brainer for us to support two such strong female leaders in their mission to drive the green transition within the energy sector,” added Susanne Najafi, Founding Partner of BackingMinds

In an ever-changing energy landscape with a net-zero energy system as the goal, SNERPA Power empowers industries with new strategies for energy management, leading to improved efficiencies, reduced energy costs, and enhanced power system stability overall.

Stefano De Marzo
Stefano De Marzo
Stefano De Marzo is the Head of News at EU-Startups. He has been extensively covering startups, venture capital and innovation ecosystems, including contributions to numerous publications such as Sifted, Entrepreneur and Forbes. Through his work as an editor and writer, he continues to shape the narrative surrounding the best stories of the tech world.

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