Iceland's SnerpaPower raises €3.4M to turn factory electricity into profit
What's the deal? Reykjavik-based SnerpaPowerDealroom has a profile for this one. Try Dealroom → has raised €3.4 million in seed funding to expand its AI-powered energy management software across Europe. The round includes a €3 million investment led by EncevoDealroom has a profile for this one. Try Dealroom →, a player in Luxembourg's energy transition, plus a €0.4 million grant from the Icelandic Technology Development FundDealroom has a profile for this one. Try Dealroom →. Existing backers Crowberry CapitalDealroom has a profile for this one. Try Dealroom → and BackingMindsDealroom has a profile for this one. Try Dealroom → also participated.
What's the endgame? Founded in January 2022 by Íris BaldursdóttirDealroom has a profile for this one. Try Dealroom → and Eyrún LinnetDealroom has a profile for this one. Try Dealroom →, SnerpaPower builds software for power-intensive industries such as aluminium producers, data centres, and power-to-X facilities. Its platform connects industrial operations with electricity contracts and markets in real time, helping customers forecast demand and automate sourcing strategies.
Why now? As Europe's electricity system grows more dynamic, SnerpaPower argues power is no longer a fixed cost but an asset. "Companies that can adapt to changing market and grid conditions gain a significant competitive advantage," said Baldursdóttir, chief executive and co-founder.
By the numbers: The company has deployed across roughly 15 Nordic industrial sites and says its platform manages more than 10 TWh of annual industrial electricity consumption. It previously raised €2.2 million in 2023, co-led by Crowberry Capital and BackingMinds.
What's the money for? SnerpaPower plans to enter more European markets and develop its forecasting, automation, and market-integration capabilities.
The signal: At €3.4 million, this seed round sits in the 91st percentile for energy seed deals in Iceland, based on 3,701 comparable rounds — a sign of investor appetite for digital tools that make renewable-heavy grids more flexible.
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