€3.4m · Seed · Deeptech · Reykjavík, Iceland
Icelandic energy-software company SnerpaPower has secured €3.4m in seed funding to expand across Europe and develop its forecasting, automation and market-integration tools. The company announcement says the package combines a €3m seed investment led by Encevo, with continued participation from Crowberry Capital and BackingMinds, and a €0.4m Vöxtur grant from the Icelandic Technology Development Fund.
SnerpaPower connects industrial operations with electricity contracts and power markets. Its platform forecasts demand, identifies when a site can safely shift consumption, automates scheduling and bid preparation, and monitors the resulting position in real time. The company says it is deployed across roughly 15 Nordic industrial sites and manages more than 10 TWh of annual consumption, spanning power-intensive customers such as aluminium smelters, data centres and gas producers.
Turning electricity demand into an operating variable
For a large industrial user, electricity exposure depends on more than the negotiated price. A production plan that diverges from the power schedule can create imbalance costs, while safely shifting load can open access to balancing-market revenue. SnerpaPower’s commercial proposition is to turn those decisions from manual coordination between plant teams, traders and spreadsheets into a repeatable software workflow.
The mechanism is visible in customer deployments. At Rio Tinto’s ISAL aluminium smelter, SnerpaPower says automated forecasting and scheduling improved forecast accuracy by 15–25%, reduced balancing costs and enabled market participation. A separate long-term agreement with Norðurál covers energy management and flexibility services for a roughly 300,000-tonne aluminium operation. These are company-reported outcomes, but they show why deployment requires both software and detailed knowledge of industrial constraints: the customer must expose flexible load without putting its core process at risk.
European expansion means integrating market rules
The financing will test whether that operating model can travel beyond the Nordic markets where SnerpaPower built its initial portfolio. Electricity products, gate-closure times, balancing responsibilities and data interfaces vary between markets. Expansion therefore depends on adapting integrations and workflows while preserving the operational controls that make an industrial customer willing to automate decisions around high-value production.
Encevo’s participation adds an energy-industry investor to the existing syndicate, but distribution is only part of the job. SnerpaPower must translate site-level flexibility into a product that works with each customer’s contracts and balancing arrangements. If it succeeds, the platform can make load flexibility valuable to the customer and useful to the grid at the same time, creating a revenue and cost-saving layer on top of energy management rather than treating electricity data as reporting alone.
